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really need help figuring how to fill the balance sheet ! Debit Accounts Cash Required information (The following information applies to the questions displayed below.)
really need help figuring how to fill the balance sheet ! Debit Accounts Cash Required information (The following information applies to the questions displayed below.) On January 1, Year 1, the general ledger of a company includes the following account balances: Credit $ 26,500 Accounts Receivable 14,900 Allowance for Uncollectible Accounts $ 1,450 Supplies 3,800 Notes Receivable (64, due in 2 years) 17,000 80,200 Accounts Payable 10,250 Common Stock 97,000 Retained Earnings 33,700 Totals $142,400 $142,400 Land During January Year 1, the following transactions occur: January 2 Provide services to customers for cash, $48, 100. January 6 Provide services to customers on account, $85,400. January 15 Write off accounts receivable as uncollectible, $3,100. January 20 Pay cash for salaries, $32,700. January 22 Receive cash on accounts receivable, $83,000. January 25 Pay cash on accounts payable, $6,800. January 30 Pay cash for utilities during January, $15,000. 5. Prepare a classified balance sheet as of January 31, Year 1. (Deductible amount should be indicated with by a minus sign.) Answer is complete but not entirely correct. Balance Sheet January 31, Year 1 Llabilities Current Liabilities: 103,100 Accounts Payable 14,200 Salaries Payable (1,340) 900 85 Total Current Liabilities S Assets Current Assets Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Interest Receivable $ OOO 1,500 34,800 36,300 116,945 36,300 Total Current Assets Long-term assets: Land Notes Receivable Total Liabilities Stockholders' Equity Common Stock Retained Earnings 80,200 17.000 97,000 177,845 Total Assets Total Stockholders' Equity Total Liabilities & Stockholders' Equity 214,145 274,845 311,145
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