Homework Answers
| Solution: | ||||
| BALANCE SHEET | ||||
| ASSETS | AMOUNT | AMOUNT | ||
| CURRENT ASSETS: | ||||
| Cash on Hand | $ 14,500 | |||
| Petty Cash | $ 375 | |||
| Cash Reserved for Building Expansion | $ 20,000 | |||
| Account Receivable $ 300,000 | ||||
| Less : Allowance for uncollectable A/c $ 10,000 | $ 2,90,000 | |||
| Inventory | $ 80,000 | |||
| Note Receivable (Due in 9 Months) | $ 1,20,000 | |||
| Marketable Securities (to be sold in 6 Monts) | $ 65,000 | |||
| Prepaid Insurance | $ 18,000 | |||
| Supplies | $ 1,600 | |||
| $ 6,09,475 | ||||
| INVESTMENTS: | ||||
| Investments | $ 9,85,000 | |||
| FIXED ASSETS: | ||||
| Furniture | $ 2,45,000 | |||
| Buildng | $ 6,00,000 | |||
| Land | $ 1,25,000 | |||
| Patents | $ 75,000 | |||
| Accumulated Depreciation | $ -75,000 | |||
| $ 9,70,000 | ||||
| TOTAL OF ASSETS | $ 25,64,475 | |||
| LIABILITIES & SHAREHOLDER'S EQUITY | AMOUNT | AMOUNT | ||
| CURRENT LIABILITIES: | ||||
| Account Payable | $ 78,000 | |||
| Wages Payables | $ 8,000 | |||
| Treasury Bills (Due in 2 Months) | $ 8,500 | |||
| Notes Payable (Due in 6 Monts) | $ 20,000 | |||
| $ 1,14,500 | ||||
| NON-CURRENT LIABILITIES: | ||||
| Note Payable (Due in 2 Years) | $ 1,40,000 | |||
| Bonds Payable | $ 2,50,000 | |||
| $ 3,90,000 | ||||
| Shareholder's Equity | ||||
| Common Stock | $ 3,00,000 | |||
| Retained Earnings | $ 17,59,975 | |||
| Total Shareholder's Equity | $ 20,59,975 | |||
| TOTAL OF LIABILITES & SAHREHOLDER'S EQUITY | $ 25,64,475 | |||
| Notes: | Calculation of retained Earnings | |||
| Retained Earnings = Total of Assets - Current Liabilities - Noncurrent Liabilities - Common Stock | ||||
| Retained Earnings = $ 2,564,475 - $ 114,500 - $ 390,000 - $ 804,500 | ||||
| Retained Earnings = $ 1,759,975 | ||||
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Refer to the list of the accounts and balances below for the year-ended December 31, 2020....
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THE ANSWER IS NOT COMPLETE I DONT KNOW WHY (I DARE TO KNOW THE REASON ;) Problem 3-3 Balance sheet preparation [LO3-2, 3...
THE ANSWER IS NOT COMPLETE I DONT KNOW WHY (I DARE TO KNOW THE
REASON ;)
Problem 3-3 Balance sheet preparation [LO3-2, 3-3]
The following is a December 31, 2018, post-closing trial balance
for Almway Corporation.
Account Title
Debits
Credits
Cash
$
45,000
Investments
110,000
Accounts receivable
60,000
Inventories
200,000
Prepaid insurance (for the next 9 months)
9,000
Land
90,000
Buildings
420,000
Accumulated depreciation—buildings
$
100,000
Equipment
110,000
Accumulated depreciation—equipment
60,000
Patents (net of amortization)
10,000
Accounts payable
75,000
Notes...
1. Close Revenue Accounts 2. Close expense accounts. 3. Close dividends account. Credit Debit 11,800 163,000...
1. Close Revenue Accounts
2. Close expense accounts.
3. Close dividends account.
Credit Debit 11,800 163,000 6,300 38,000 430,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 138,000 43,000 43,000 5,300 16,800 265,000 78,600 14,500 530,000 245,000 133,000 28,000 43,000 3,300 3,800 1,119,700 1,119,700
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order.
Accounts Receivable
Inventory-Ending
Accumulated
Depreciation-Buildings
Land
Accumulated
Depreciation-Equipment
Land for Future Plant
Site
Accumulated Other
Comprehensive Income
Loss from Flood
Advances to Employees
Noncontrolling Interest
Advertising Expense
Notes Payable (due next
year)
Allowance for Doubtful
Accounts
Paid-in Capital in Excess of
Par-Preferred Stock
Bond Sinking Fund
Patents
Bonds Payable
Payroll Taxes Payable
Buildings
Pension Liability
Cash (in bank)
Petty Cash
Cash (on hand)
Preferred Stock
Cash Surrender Value of Life...
Refer to the list of the accounts and balances below for the year-ended December 31, 2020. Accounts Payable Accounts Receivable Accumulated Depreciation - Building Building Cash Common Stock Depreciation Expense Dividends Interest Payable Land Notes Payable Supplies Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ 38,900 $ 27,000 $ 93,600 $ 234,000 $ 89,000 $ 300,000 $ 23,000 $ 20,000 $ 4,000 $ 200,000 $ 250,000 $ 98,000 $ 26,000 $ 53,000 $ 8.000 $ 120,000...
THE ANSWER IS NOT COMPLETE I DONT KNOW WHY (I DARE TO KNOW THE
REASON ;)
Problem 3-3 Balance sheet preparation [LO3-2, 3-3]
The following is a December 31, 2018, post-closing trial balance
for Almway Corporation.
Account Title
Debits
Credits
Cash
$
45,000
Investments
110,000
Accounts receivable
60,000
Inventories
200,000
Prepaid insurance (for the next 9 months)
9,000
Land
90,000
Buildings
420,000
Accumulated depreciation—buildings
$
100,000
Equipment
110,000
Accumulated depreciation—equipment
60,000
Patents (net of amortization)
10,000
Accounts payable
75,000
Notes...
1. Close Revenue Accounts
2. Close expense accounts.
3. Close dividends account.
Credit Debit 11,800 163,000 6,300 38,000 430,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 138,000 43,000 43,000 5,300 16,800 265,000 78,600 14,500 530,000 245,000 133,000 28,000 43,000 3,300 3,800 1,119,700 1,119,700
Presented below is a list of accounts in alphabetical
order.
Accounts Receivable
Inventory-Ending
Accumulated
Depreciation-Buildings
Land
Accumulated
Depreciation-Equipment
Land for Future Plant
Site
Accumulated Other
Comprehensive Income
Loss from Flood
Advances to Employees
Noncontrolling Interest
Advertising Expense
Notes Payable (due next
year)
Allowance for Doubtful
Accounts
Paid-in Capital in Excess of
Par-Preferred Stock
Bond Sinking Fund
Patents
Bonds Payable
Payroll Taxes Payable
Buildings
Pension Liability
Cash (in bank)
Petty Cash
Cash (on hand)
Preferred Stock
Cash Surrender Value of Life...
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