Question

QUESTION #4 - BALANCE SHEET The following collowing are balances from the unadjusted accounts of Dain Smith Inc. Title Debit Credit Cash 3,900 5,600 6,400 1.100 13,000 3.961 184.000 68,400 98,000 Accounts Receivable Prepaid Insurance Supplies - Office Office Furniture Accum. Depreciation - Office Furniture Building Accum. Depreciation - Building Land Accounts Payable Salaries Payable Interest Payable Unearned Consulting Revenue Long-term Notes Payable Dain Smith, Capital Dain Smith, Withdrawals Consulting Fees Earned Rental revenue Salaries Expense Utilities Expense Advertising Expense Interest Expense Insurance Expense Depreciation expense- Furniture Depreciation Expense - Building TOTALS 3.900 9,856 640 15.108 38,995 25.800 1 140 2,500 225,000 50,760 84.200 14.000 7,500 3.520 1.500 1,000 6,200 $432.420 S432,420 Additional information: Ending Capital is $181,140 Required: Prepare a Classified Balance Sheet for Dain Smith Inc., as of 31 December 2018

Answer 1

Dain Smith Inc.
Balance Sheet
As of December 31, 2018
Assets
Current assets
Cash		3900
Accounts receivable		5600
Prepaid insurance		6400
Supplies-office		1100
Total current assets		17000
Property, plant, and equipment
Office furniture	13000
Less: Accumulated depreciation-office furniture	3961	9039
Building	184000
Less: Accumulated depreciation-building	68400	115600
Land		98000
Total property, plant, and equipment		222639
Total assets $		239639
Liabilities and Owner's Capital
Current liabilities
Accounts payable		3900
Salaries payable		9856
Interest payable		640
Unearned consulting revenue		5108
Total current liabilities		19504
Long-term liabilities
Long-term notes payable		38995
Total liabilities		58499
Owner's capital
Dain Smith, capital		181140
Total liabilities and owner's capital		239639