Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare a balance sheet at May 31 (List Assets in order of liquidity. List Property, plant and equipment in order of land, buildings and equipment.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Prepare a balance sheet at May 31 (List Assets in order of liquidity. List Property, plant and equipment in order of land, buildings and equipment. Round answers to 0 decimal places, eg. 5.275.) Cheyenne Corp. Balance Sheet Assets $ $ Add Less V $ Liabilities and Stockholders' Equity Current Assets Liabilitles Intangible Assets Long-term Investments Long-term Llabilitles Property, plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current abilities Total intangible Assets Total Liabilitles Total Liabilities and Stockholders' Equity Total long-term investments Total Long-term Liabilities Total Property, plant and Equipment Total Stockholders' Equity Liabilities and Stockholders' Equity $ > S The Cheyenne Corp.opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows. Cheyenne Corp. Trial Balance May 31, 2019 Account Number Debit Credit 101 Cash $3,500 126 Supplies 2,000 130 Prepaid Insurance 2.400 140 Land 14.000 141 61,600 149 14.900 201 Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable $ 11,300 208 3,200 275 40,000 311 Common Stock 35,300 429 Rent Revenue 13,400 610 650 Advertising Expense Salaries and Wages Expense 726 3,200 732 Utilities Expense 950 S103,200 $103.200 In addition to those accounts listed on the trial balance, the chart of accounts for Cheyenne Corp. also contains the following accounts and account numbers: No. 142. Accumulated Depreciation-Buildings, No. 150 Accumulated Depreciation Equipment, In addition to those accounts listed on the trial balance, the chart of accounts for Cheyenne Corp. also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Buildings, No. 150 Accumulated Depreciation-Equipment. No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 619 Depreciation Expense, No.631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1 Prepaid insurance is a 1-year policy starting May 1, 2019. 2 A count of supplies shows $700 of unused supplies on May 31. 3. Annual depreciation is $3,084 on the buildings and $1.488 on equipment 4. The mortgage interest rate is 12%. (The mortgage was taken out on May 1.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries of $800 are accrued and unpaid at May 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Concepts For A Changing Environment With IDEA Software

Authors: Larry E. Rittenberg, Bradley J. Schwieger

4th Edition

0387321500, 978-0324180237

More Books

Students also viewed these Accounting questions

Question

What are some areas of gender-role strain for men and women today?

Answered: 1 week ago

Question

Explain the impact of organizational culture on employees.

Answered: 1 week ago