The adjusted trial balance for Karr Bowling Alley at December 31, 2010, contains the following accounts. Instructions(a)
Question:
The adjusted trial balance for Karr Bowling Alley at December 31, 2010, contains the following accounts.
Instructions(a) Prepare a classified balance sheet; assume that $13,900 of the note payable will be paid in 2011.(b) Comment on the liquidity of thecompany.
Debits Credits Building Accounts Receivable Prepaid Insurance $128,800 Sue Karr. Capital 14.520 Accumulated Depreciation–Building 4,680 Accounts Payable 18,040 Note Payable 62.400 Accumulated Depreciation-Equipment 64,000 Interest Payable 780 Bowling Revenues $115.000 12.300 Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense 97.780 18.720 2.600 14.180 $303.180 7.360 2,600 $303.180
Step by Step Answer:
a KARR BOWLING ALLEY Balance Sheet December 31 2010 Assets Current assets Cash 18040 Accounts receiv...View the full answer
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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