Question
URGENT: PLEASE HELP!! DUE AT 11;59! I WILL GIVE EXCELLENT REVIEW :) Please use the following and the image to help me fill out the
URGENT: PLEASE HELP!! DUE AT 11;59! I WILL GIVE EXCELLENT REVIEW :)
Please use the following and the image to help me fill out the balance sheet:
ABC Oil & Gas, Inc. had the following account balances on January 1, 2019: $420,000 Cash, $320,000 Inventory, $100,000 Truck, $40,000 Accumulated DepreciationTruck, $100,000 Goodwill, $100,000 Notes Payable, $700,000 Common Stock, and $100,000 Retained Earnings. The truck was purchased on January 1, 2018 for $100,000 and is depreciated using the double-declining balance method. The truck has a salvage value of $10,000 and an estimated useful life of five years. The following transactions pertain to ABC Oil & Gas, Inc. for 2019
Credit Date Account 1-Jan-19 Building Land Debit 150,000 50,000 Cash 200,000 1-Jan-19 Oil Deposit Cash 100,000 100,000 50,000 1-Jan-19 Patent Cash 50,000 500,000 31-Dec-19 Cash Sales revenue 500,000 300,000 Cost of goods sold Inventory 300,000 6,000 31-Dec-19 Depreciation expense Accumulated depreciation 6,000 100,000 31-Dec-19 Truck Cash 100,000 25,000 Depreciation expense Accumulated depreciation 25,000 20,000 31-Dec-19 Depletion expense Oil mine 20,000 5,000 31-Dec-19 Amortization Expense - Patent Patent 5,000 5,000 31-Dec-19 Impairment Loss Goodwill 5,000 31-Dec-19 Cash Accumulated depreciation Truck Loss on sale of truck 30,000 64,000 6,000 100,000 Credit Date Account 1-Jan-19 Building Land Debit 150,000 50,000 Cash 200,000 1-Jan-19 Oil Deposit Cash 100,000 100,000 50,000 1-Jan-19 Patent Cash 50,000 500,000 31-Dec-19 Cash Sales revenue 500,000 300,000 Cost of goods sold Inventory 300,000 6,000 31-Dec-19 Depreciation expense Accumulated depreciation 6,000 100,000 31-Dec-19 Truck Cash 100,000 25,000 Depreciation expense Accumulated depreciation 25,000 20,000 31-Dec-19 Depletion expense Oil mine 20,000 5,000 31-Dec-19 Amortization Expense - Patent Patent 5,000 5,000 31-Dec-19 Impairment Loss Goodwill 5,000 31-Dec-19 Cash Accumulated depreciation Truck Loss on sale of truck 30,000 64,000 6,000 100,000Step by Step Solution
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