Question
The following balances from the ledger accounts of Hog and Bones Steakhouse is given to you June 30 2020 Names of accounts $ Cash 25,000
The following balances from the ledger accounts of Hog and Bones Steakhouse is given to you June 30 2020
Names of accounts
$
Cash
25,000
Receivables
9,000
Prepaid rent
4,000
Land
50,000
Building
180,000
China, Glassware,Silver
15,000
Accumulated Depreciation on Building
20,000
AccumulatedDepreciationon china glassware and silver
6,000
Franchise
40,000
Accounts Payable
5,000
Unpaid Wages
2,500
Mortgage Payable
100,000
Capital
?
Withdrawals
24,000
Food Sales
80,000
Beverage Sales
60,000
Cost of Food Used(including employees and Silver meal of $2000)
30,000
Cost of beverage used
20,000
Wages
20,000
Employee Benefits
6,000
Insurance expense
3,000
Other operating expenses
7,000
Depreciation Expense on building
7,000
Depreciation expense on China, Glassware
2,000
1.Trial Balance and determine the capital account balance
2.An income statement for the year ended June 30 2020
3.A classified balance sheet as of June 30 2020
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
