Question

11. Balance sheet presentation. ccount information for Leong Corporation, prepare a balance sheet in report form for the company as of December 31, 2020. All accounts have not 70,000 2,400 600 2 Equipment Interest Expense Interest Payable Retained Earnings Dividends Land Accounts Receivable Bonds Payable Notes Payable (due in 6 months) Common Stock Accumulated Depreciation - Equip Prepaid Advertising Service Revenue Buildings Supplies Income Taxes Payable Utilities Expense Advertising Expense Salaries and Wages Expense Salaries and Wages Payable Accumulated Depr. - Bld. . 2 Cash Depreciation Expense 50,400 137,320 102.000 78,000 34,400 70,000 10,000 5,000 351.400 80,400 1.860 3.000 1.320 1.560 53,040 900 15.000 50.000 8.000

Answer 1

Leong Corporation 50000 1860 5000 Balance Sheet December 31, 2020 Assets Cash Inventory Supplies Prepaid advertising Total current assets Land Building Accumulated depreciation - bld Equipment Accumulated depreciation -eq Total assets 56860 137320 65400 80400 - 15000 70000 -10000 60000 262720 319580 34400 3000 900 600 38900 Liabilities & Stockholders' Equity Notes payable Taxes payable Salaries payable Interest payable Total current liabilities Long-term liabilities Bond payable Total liabilities Common stock Retained earnings ($183,080*- $50,400) Total stockholders' equity Total liabilities & stockholders' equity 78000 116900 70000 132680 202680 319580 319580 - 116900 = 202680 202680 - 70000 = 132680 132680 + 50400 = 183080