Question

The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $59,275 on January 1, 2019, and $52,225 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses.

	Accounts
401	Sales	$	246,600	Cr.
451	Sales Returns and Allowances		4,300	Dr.
491	Miscellaneous Income		350	Cr.
501	Purchases		103,100	Dr.
502	Freight In		1,925	Dr.
503	Purchases Returns and Allowances		3,550	Cr.
504	Purchases Discounts		1,750	Cr.
611	Salaries Expense—Sales		44,800	Dr.
614	Store Supplies Expense		2,260	Dr.
617	Depreciation Expense—Store Equipment		1,460	Dr.
631	Rent Expense		13,000	Dr.
634	Utilities Expense		2,950	Dr.
637	Salaries Expense—Office		20,600	Dr.
640	Payroll Taxes Expense		5,500	Dr.
643	Depreciation Expense—Office Equipment		520	Dr.
646	Uncollectible Accounts Expense		670	Dr.
691	Interest Expense		640	Dr.

The worksheet of Bridget's Office Supplies contains the following owner’s equity accounts.

	Accounts
301	Bridget Swanson, Capital	$	63,260	Cr.
302	Bridget Swanson, Drawing		40,450	Dr.

Net income for the year $43,475.


The worksheet of Bridget's Office Supplies contains the following asset and liability accounts. The balance of the Notes Payable account consists of notes that are due within a year.

	Accounts
101	Cash	$	6,805	Dr.
107	Change Fund		450	Dr.
111	Accounts Receivable		5,090	Dr.
112	Allowance for Doubtful Accounts		810	Cr.
121	Merchandise Inventory		52,225	Dr.
131	Store Supplies		1,050	Dr.
133	Prepaid Interest		105	Dr.
141	Store Equipment		10,700	Dr.
142	Accum. Depreciation—Store Equipment		1,130	Cr.
151	Office Equipment		3,300	Dr.
152	Accum. Depreciation—Office Equipment		450	Cr.
201	Notes Payable		5,450	Cr.
203	Accounts Payable		3,675	Cr.
216	Interest Payable		85	Cr.
231	Sales Tax Payable		1,840	Cr.

Prepare a balance sheet dated December 31, 2019.

Answer 1

The balance sheet as on December 31, 2019:

в с BRIDGET'S OFFICE SUPPLIES Balance Sheet December 31 2019 4. Particulars A mount ($) Amount (S) 5 Assets 6 Cash 6805 7 Change fund 450 8 Accounts Receivable 5090 9 Less: Allowance for doubtful debts -810 =B8+B9 10 Merchandise inventory 52225 11 Prepaid expenses: 12 Store supplies 1050 13 Prepaid interst 105 =B12+B13 14 Total current Assets =SUM(C6:C13) 15 Plant and equipment 16 Store equipment 10700 17 Less: Accumulated Depreciation -1130 =B16+B17 18 Office equipment 3300 19 Less: Accumulated Depreciation -450 =B18+B19 20 Total plant and equipment =C17+C19 21 Total assets =C14+C20 22 Laibilities and Owner's Equity 23 Current liabilities 24 Notes payable 5450 25 Accounts Payable 3675 26 Interest Payable 85 27 Sales tax payable 1840 28 Total current liabilities =SUM(C24:C27) 29 Owner's equity 30 Bridget own capital 63260 31 Bridget swan drawings -40450 32 Add: Net income for the year 4 3475 =SUM(B30:B32) 33 Liabilities and owner's equity =C28+C32

The following table shows the result of the above excel sheet:

1057 BRIDGET'S OFFICE SUPPLIES Balance Sheet December 31 2019 Particulars Amount Amount 5 Assets 6 Cash 68051 7 Change fund 450 8 Accounts Receivable 5090 9 Less: Allowance for doubtful debts -810| 4280 10 Merchandise inventory 52225 11 Prepaid expenses: 12 Store supplies 1050 13 Prepaid interst 1155 14 Total current Assets 64915 15 Plant and equipment 16 Store equipment 10700 17 Less: Accumulated Depreciation -1130 9570 18 Office equipment 3300 19 Less: Accumulated Depreciation -450 2850 20 Total plant and equipment 12420 21 Total assets 77335 22 Laibilities and Owner's Equity 23 Current liabilities 24 Notes payable 5450 25 Accounts Payable 3675 26 Interest Payable 85 27 Sales tax payable 1840 28 Total current liabilities 11050 29 Owner's equity 30 Bridget own capital 632601 31 Bridget swan drawings -40450 32 Add: Net income for the year 43475 66285 33 Liabilities and owner's equity 77335