The following items are available from records of Freescia Corporation at the end of the current...
The following items are available from records of Freescia
Corporation at the end of the current year:
| Accounts payable | $12,820 | Notes payable | $47,000 | |
| Accounts receivable | 23,410 | Office equipment | 15,000 | |
| Advertising expense | 2,480 | Retained earnings, end of year | 45,130 | |
| Buildings | 88,500 | Salary and wage expense | 8,190 | |
| Capital stock | 26,800 | Sales revenue | 14,660 | |
| Cash | 4,840 |
Using the data given, prepare a balance sheet for Freescia Corporation at the end of the current year.
| Freescia Corporation | |
| Balance Sheet | |
| End of the Year | |
| Assets | |
| $ | |
| Total assets | $ |
| Liabilities and stockholders' equity | |
| $ | |
| Total liabilities and stockholders' equity | $ |
For each non-balance-sheet item, indicate whether it should appear on the income statement or the statement of retained earnings.
| Account | Should be located in |
Homework Answers
| Freescia Corporation | ||
| Balance Sheet | ||
| End of the Year | ||
| Assets | ||
| Office equipment | $ 15,000 | |
| Accounts receivable | $ 23,410 | |
| Buildings | $ 88,500 | |
| Cash | $ 4,840 | |
| Total assets | $ 1,31,750 | |
| Liabilities and stockholders' equity | ||
| Notes payable | $ 47,000 | |
| Accounts payable | $ 12,820 | |
| Capital stock | $ 26,800 | |
| Retained earnings, end of year | $ 45,130 | |
| Total liabilities and stockholders' equity | $ 1,31,750 | |
| Account | Should Be Located In | |
| Advertising expense | Income Statement | |
| Salary and wage expense | Income Statement | |
| Sales revenue | Income Statement | |
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