Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical order. For the bank loan, $62,650 is due in
Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical order. For the bank loan, $62,650 is due in 2021. For Notes receivable, $52,500 will be collected in 2021. Account title Accounts payable Accumulated depreciation, equipment Accumulated depreciation, furniture Bank loan Cash Equipment Operating expenses Furniture Merchandise Inventory Natsuki Miyakawa, capital Natsuki Miyakawa, withdrawal Notes receivable Revenue Wages payable Total Debit Credit $ 54,075 51,300 62,250 424,000 $126,000 192,375 63,000 166,000 47,750 43,000 14,400 110,600 60,000 25,500 $720,125 $720, 125 Using the template provided, prepare a classified balance sheet for the year-ended December 31, 2020. SUNSHINE SUSHI Balance Sheet December 31, 2020 Assets Current assets: Using the template provided, prepare a classified balance sheet for the year-ended December 31, 2020. SUNSHINE SUSHI Balance Sheet December 31, 2020 Assets Current assets: Total current assets Non-current investments: Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Total current liabilities Non-current liabilities: Total liabilities Equity Total liabilities and equity
Step 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