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Please make a balance sheet from this ! Assets Allowance Inventory Liabilities Unearn Rev Int. Pay Equity R.E. Cash AR Prepaid Equip ACC. Dep. AP
Please make a balance sheet from this !
Assets Allowance Inventory Liabilities Unearn Rev Int. Pay Equity R.E. Cash AR Prepaid Equip ACC. Dep. AP Warranty Note Pay Bonds Stock $ 200,000 $ 200,000 $ (12,000) $ 12,000 January 1, 2010 Sold $200,000 in stock Paid $12,000 for 1 year of rent Received $24,000 for services to be delivered over the coming 12 months Purchased equipment - $30,000, 2% discount, FOB shipping of $600 $ 24,000 24,000 $ (30,000) $ 29,400 $ (600) $ 10,000 $ 10,000 $ 82,000 $ 82,000 $ 90,000 $ 28,000 $ (62,000) $ 81,000 $ (81,000) $ (82,000) $ 96,000 $ (82,000) $ 96,000 $ (70,000) $ (70,000) $ (20,000) $ (20,000) During the year: On April 1, borrowed $10,000 at 3% interest per year. Interest is payable semi-annually. Purchased inventory on account, $82,000. Sold inventory for $90,000 on account. The inventory had cost $62,000. Collected $81,000 of the sales on account. Paid $82,000 on accounts payable. Purchased inventory on account, $96,000. Paid $70,000 of the accounts payable. Paid salaries of $20,000 Estimated that 2% of sales on account will be uncollectible Depreciated equipment using SL, 5-year life, $5,000 estimated salvage Recorded interest on the loan - first semi-annual payment Recorded interest on the loan-year-end adjustment (3 months) Received notice of a lawsuit from a customer. The attorneys believe there is no legal basis. Rent expense Earned Revenue Ending Balance $ (1,800) $ (1,800) $ (5,000) $ (5,000) $ 150 $ (150) $ 75 $ (75) $ (12,000) $ (24,000) $ 26,000 $ $ (12,000) $ 24,000 $ 200,000 $ 12,375 $ 101,000 $ 9,000 $ (1,800) $ 116,000 $ $ 29,400 $ (5,000) $ 225 $ $ 10,000 $ Total Assets Total Liabilities and Equity $ 248,600 $ 248,600Step by Step Solution
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