Answered step by step
Verified Expert Solution
Question
1 Approved Answer
So, the second image displays what I have so far in terms of the balance sheet. I need assistance completing this balance sheet. If you
So, the second image displays what I have so far in terms of the balance sheet. I need assistance completing this balance sheet. If you notice any errors, feel free to let me know as well because I am not confident in my answer thus far.
000 - Required information Arcadia Enterprises Adjusted Trial Balance As of December 31, 2019 Account Name Account Payable Accounts Receivable ALLOON Accumulated Depreciation - Building andere Accumulated Depreciation - Furniture canadie Deprecia Accumulated Depreciation - Equipment Accumulated Depreciation - Vehicles Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Cash Common Stock Cost of Goods Sold Depreciation Expense - Building Depreciation Expense - Furniture Depreciation Expense - Equipment Depreciation Expense - Vehicles Franchise Revenue Goodwill Interest Expense Interest Payable Interest Revenue Inventory Inventory - Parts Inventory Shrinkage Investment Land od Land (Held for Sale) NA Notes Payable - Short Term Notes Payable - Long Term Notes Receivable - Short Term ol Notes Receivable - Long Term Notes Receivable Discount helic Office Supplies Expense Patent . Payroll Tax Expense Payroll Tax Payable Prepaid Advertising Prepaid Insurance Breid Prepaid Rent Midi Property - Building Property - Furniture Property - Equipment Property - Vehicles Purchase Discount Realized Gain on Investments Rent Expense Rent Revenue Salary and Wage Expense Sales Discount Sales Balance 64,052 2,271,961 1,319 le 5,124 58,003 53,377 . 38,431 sonte 21,670 48,680 21,873 er 4,382,437 1,281,045 6,200.258 1,319 5,124 58,003 53.377 55,383 183,616 515,739 . 68,797 4,566 3,850,252 229,905 37,577 896,732 1,833,602 256,209 93,943 8,369,494 10 548,003 281,830 2 66,858 15,373 804,212 179,346 134,510 w 281,830 12,454 11 12,810 220,099 TOGGAE 136,645 683,224 640,523 8,967 040 128,105 10.675 TER 2,562 896,732 2014 68,322 211,372 14,091,495 1,249,873 er 42,702 256,209 291,669 Service Revenue Pervice State Transaction Fees Trademark Unearned Revenue Additional information possibly needed include the following: Arcadia Enterprises began operations on January 1, 2019 - Shares Outstanding - 700,000 - Effective Tax Rate - 13.0 Closing Entry Tax Closing Entry Income Summary Balance Sheet Indirect Cash Flow Statement Financial Ratios Create a Balance Sheet using the format from Page 121 B 4,382,437 1 Arcadia Enterprises 2 Balance Sheet 3 As of December 31, 2018 4 Assets Current Assets 5 Cash 6 6 Accounts Receivable 2,271.961 7 Allowance for Doubtful Accounts 21,670 8 Notes Receivable - Short Term 548,003 9 Notes Receivable Discount 66 858 10 Inventory 11 Inventory-Parts Prepaid Advertising 12 Prepaid Insurance 13 Prepaid Rent 14 3,850.252 229,906 281.830 12.454 12,810 15 Total Current Assets 16 Investments 17 Investment 18 Realized Gains on Investment 19 20 21 22 Property. Plant and Equipment Property - Building Property - Equipment Property - Furniture Property - Vehicle Land 23 220.099 683,224 136,645 640,523 1,833,602 256,209 24 25 26 Land (held for sale) 27 28 Accumulated Depreciation - Building Accumulated Deprecation - Vehicles Accumulated Depreciation - Furniture Accumulated Depreciation - Equipment 1,319 53,377 5,124 58,003 29 30 31 32 33 Net Property, Plant and Equipment Intangible Assets Trademark Patent Goodwill 256,209 34 804,212 183,616 35 36 37 Total Assets 38 Liabilities and Shareholders' Equity Current Liabilities 39 40 41 Accounts Payable Payroll Tax Payable Unearned Revenue Notes Payable - Short Term Interest Payable 64,052 134,510 291,669 93.943 65,797 42 43 44 45 46 Total Current Liabilities 47 Long-Term Liabilities 48 Notes Payable - Long Term 8,368.494 49 Total Long-Term Liabilities 50 Shareholders' Equity 51 Common Stock 52 Retained Earnings 1,281,045 7,310.269 53 54 Total Shareholders' Equity 55 Total Liabilities and Shareholders' Equity 56 000 - Required information Arcadia Enterprises Adjusted Trial Balance As of December 31, 2019 Account Name Account Payable Accounts Receivable ALLOON Accumulated Depreciation - Building andere Accumulated Depreciation - Furniture canadie Deprecia Accumulated Depreciation - Equipment Accumulated Depreciation - Vehicles Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Cash Common Stock Cost of Goods Sold Depreciation Expense - Building Depreciation Expense - Furniture Depreciation Expense - Equipment Depreciation Expense - Vehicles Franchise Revenue Goodwill Interest Expense Interest Payable Interest Revenue Inventory Inventory - Parts Inventory Shrinkage Investment Land od Land (Held for Sale) NA Notes Payable - Short Term Notes Payable - Long Term Notes Receivable - Short Term ol Notes Receivable - Long Term Notes Receivable Discount helic Office Supplies Expense Patent . Payroll Tax Expense Payroll Tax Payable Prepaid Advertising Prepaid Insurance Breid Prepaid Rent Midi Property - Building Property - Furniture Property - Equipment Property - Vehicles Purchase Discount Realized Gain on Investments Rent Expense Rent Revenue Salary and Wage Expense Sales Discount Sales Balance 64,052 2,271,961 1,319 le 5,124 58,003 53,377 . 38,431 sonte 21,670 48,680 21,873 er 4,382,437 1,281,045 6,200.258 1,319 5,124 58,003 53.377 55,383 183,616 515,739 . 68,797 4,566 3,850,252 229,905 37,577 896,732 1,833,602 256,209 93,943 8,369,494 10 548,003 281,830 2 66,858 15,373 804,212 179,346 134,510 w 281,830 12,454 11 12,810 220,099 TOGGAE 136,645 683,224 640,523 8,967 040 128,105 10.675 TER 2,562 896,732 2014 68,322 211,372 14,091,495 1,249,873 er 42,702 256,209 291,669 Service Revenue Pervice State Transaction Fees Trademark Unearned Revenue Additional information possibly needed include the following: Arcadia Enterprises began operations on January 1, 2019 - Shares Outstanding - 700,000 - Effective Tax Rate - 13.0 Closing Entry Tax Closing Entry Income Summary Balance Sheet Indirect Cash Flow Statement Financial Ratios Create a Balance Sheet using the format from Page 121 B 4,382,437 1 Arcadia Enterprises 2 Balance Sheet 3 As of December 31, 2018 4 Assets Current Assets 5 Cash 6 6 Accounts Receivable 2,271.961 7 Allowance for Doubtful Accounts 21,670 8 Notes Receivable - Short Term 548,003 9 Notes Receivable Discount 66 858 10 Inventory 11 Inventory-Parts Prepaid Advertising 12 Prepaid Insurance 13 Prepaid Rent 14 3,850.252 229,906 281.830 12.454 12,810 15 Total Current Assets 16 Investments 17 Investment 18 Realized Gains on Investment 19 20 21 22 Property. Plant and Equipment Property - Building Property - Equipment Property - Furniture Property - Vehicle Land 23 220.099 683,224 136,645 640,523 1,833,602 256,209 24 25 26 Land (held for sale) 27 28 Accumulated Depreciation - Building Accumulated Deprecation - Vehicles Accumulated Depreciation - Furniture Accumulated Depreciation - Equipment 1,319 53,377 5,124 58,003 29 30 31 32 33 Net Property, Plant and Equipment Intangible Assets Trademark Patent Goodwill 256,209 34 804,212 183,616 35 36 37 Total Assets 38 Liabilities and Shareholders' Equity Current Liabilities 39 40 41 Accounts Payable Payroll Tax Payable Unearned Revenue Notes Payable - Short Term Interest Payable 64,052 134,510 291,669 93.943 65,797 42 43 44 45 46 Total Current Liabilities 47 Long-Term Liabilities 48 Notes Payable - Long Term 8,368.494 49 Total Long-Term Liabilities 50 Shareholders' Equity 51 Common Stock 52 Retained Earnings 1,281,045 7,310.269 53 54 Total Shareholders' Equity 55 Total Liabilities and Shareholders' Equity 56Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started