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Please solve #4 (images below for reference) Sparty, Corporation has been operating for two years. The December 31, 2018 account balances are: Cash Accounts Receivable
Please solve #4
Sparty, Corporation has been operating for two years. The December 31, 2018 account balances are: Cash Accounts Receivable Inventory Short-term Investments Equipment Land $250,000 65,000 29,000 20,000 180,000 210,000 | Accounts Payable Salaries Payable Notes Payable - long term Contributed Capital Retained Earnings $190,000 45,000 175,000 220,000 124,000 During the year 2019, the company had the below activities. Note that none of these activities should impact the income statement, only the balance sheet; we are assuming for simplicity that the company did not have any revenues or expenses during 2019. a. Collected $15,000 cash on open accounts receivable from customers. b. Bought additional inventory for $2,000 on account. c. Received a $70,000 loan from the bank, payable in four years. d. Purchased additional short-term investments for $5,000 cash. e. Returned some detective inventory to a supplier for a full cash refund of $1,000. f. Ordered supplies worth $9,000 from Concord Supplies to be delivered next month. g. Paid off $25,000 of notes payable a year early. Ignore interest. h. Purchased additional equipment costing $40,000; paying $10,000 in cash and signing a promissory note to pay the balance in three years. Issued 20,000 shares of stock, receiving $100,000 in cash and land valued at $8,000 from investors, j. Paid off $30,000 of salaries owed from the prior year. Cash $ 250,000.00 Accoungs Recivable $ 65,000.00 Inventory $ 29,000.00 Equipment $ 180,000.00 Land $ 210,000.00 Short-Term Investment $ 20,000.00 Salaries Payable $ 45,000.00 Notes-Payable Long Term $ 175,000.00 Accounts Payable $ 190,000.00 Retained Earnings $ 124,000.00 Contributed Capital $ 220,000.00 3. On a new worksheet titled "Questions #3 and #4, create T-accounts for each account, bringing in the beginning balances from the table you copied and pasted into Excel for #1 above. Be sure you have the balances on the correct side (i.e., debit versus credit) of the account. Note that you should have only one T-account for each account. For example, you should have one T-account for Cash where all journal entries to the cash account are included. 4. Post the effects of the transactions for 2019 to the T-accounts created in #3. See the bottom of page 65 in the textbook for an example of what your T-accounts should look like (images below for reference)
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