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unclassified balance sheet Ch 3: Homework Exercise Question 4 of 5 1.41 / 2 THI The following are the trial balance and the other information
unclassified balance sheet
Ch 3: Homework Exercise Question 4 of 5 1.41 / 2 THI The following are the trial balance and the other information related to Bruce Bramble who operates a construction hauling business. BRAMBLE TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $35,500 Accounts Receivable 51,200 Allowance for Doubtful Accounts $2.500 Supplies 2,800 Prepaid Insurance 1,200 Equipment 28,000 Accumulated Depreciation Equipment 6,750 Notes Payable 9.600 Owner's Capital 45,370 Service Revenue 99,010 Rent Expense 11.700 Salaries and Wages Expense 30.750 Utilities Expenses 1,320 Office Expense $163.230 $163.230 760 301 Sprin docs Concept Review...pdf MSIS 301 Study.pdf Ch2 Study Ouide.pdf Question 4 of 5 1.41/2 9,600 45,370 99,010 Notes Payable Owner's Capital Service Revenue Rent Expense Salaries and Wages Expense Utilities Expenses Office Expense 11,700 30,750 1,320 760 $163,230 $163,230 1 N 3 4 5. Fees received in advance from clients $5,500, which were recorded as revenue. Services performed for clients that were not recorded by December 31, $5,400. Equipment is being depreciated at 8% per year. Bad debt expense for the year is $1.500. Insurance expired during the year $560. Bramble gave the bank a 90-day, 5% note for $9,600 on December 1, 2020. Rent of the building is $900 per month. The rent for 2020 has been paid, as has that for January 2021. Office salaries and wages earned but unpaid December 31, 2020, $1,340. 7 8 Bramble withdrew $12.000 cash for personal use during the year. SS SS Concast MSS 301Study Ch2 SyGuide.pdf Question 4 of 5 1.41 / 2 TII BRAMBLE Income Statement For the Year Ended December 31, 2020 Service Revenue 98910 Expenses Rent Expense 10800 i Salaries and Wages Expense 32090 i Utilities Expenses 1320 i 760 Office Experise Depreciation Expense 2240 1500 Bad Debt Expense 560 i Insurance Expense 40 Interest Expense 49310 Total Expenses 49600 Net Income /(Loss) Ch2 Study Guide.pdf MSIS 301 Study....pdf Concept Review-pdf MSIS 301 Sprin.docx Ch 3: Homework Exercise Question 4 of 5 1.41/2 (62) Your Answer Correct Answer (Used) Prepare a statement of owner's equity for 2020. (List Items that increase owner's equity first) BRAMBLE Statement of Owners' Equity For the Year Ended December 31, 2020 57.370 Onwer's Capital, January 1 49.600 Add: Net Income/(Loss) 12.000 Owner's Drawings Less V $ 94.970 Owner's Capital December 31 (63) Prepare a classified balance sheet for 2020. (List current assets in the order of liquidity Ch2 Study Guide.pdf MSIS 301 Study-pdf MSIS 301 Sprin docx Concept Review...pdf + Ch 3: Homework Exercise Question 4 of 5 > 1.41/2 Prepare a classified balance sheet for 2020. (Ust current assets in the order of liquid BRAMBLE Balance Sheet Assets MS 301, Soroc Concept Ravion pat 01 Study but Cha StuttOuide.pdf h 3. Homework Exercise Question 4 of 5 1.41/29 Liabilities and Owner's Equity MS 101 Study odt CH2 Stat Ouide pdf 1 Step by Step Solution
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