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Gazam  corporations adjusted trial balance at December 31, 20x6 included the following Cash                          &n

Gazam  corporations adjusted trial balance at December 31, 20x6 included the following

Cash                                                                                        26,000

Account receivable                                                                 50,000

Allowance for doubtful account                                                                     5,000

Merchandise inventory                                                          41,000

Land                                                                                        50,000

Equipment                                                                              96,000

Accumulated depreciation                                                                             16,000

Account payable 115000

Income taxes payable                                                                                     5,000

Unearned rent                                                                                                15,000

Common stock ($10 par 10,000 shares)                                                       150,000

Retained earnings                                                                                           60,000

Sales                                                                                                                90,000

Interest revenue                                                                                             4,000

Cost of goods sold                                                                  90,000

Selling expense                                                                       30,000

Administrative expense                                                          40,000

Income tax expense                                                                12,000

Loss on sale of equipment                                                      10,000

Dividends declared                                                                 15,000

                                                                                                460,000           460,000

Prepare a balance sheet at December 31, 20x6, in good form.

Solutions

Expert Solution

Balance Sheet
Assets
Current Assets
Cash $               26,000
Accounts Receivable $               50,000
Allowance for Doubtful accounts $               -5,000
Merchandise Inventory $               41,000
Total Current Assets $              112,000
Property, Plant and Equipment
Land $                50,000
Equipment $               96,000
Accumulated Depreciation - Equipment $             -16,000 $                80,000
Total Assets $              242,000
Liabilities
Current Liabilities
Accounts Payable $            115,000
Income Taxes Payable $                 5,000
Unearned Rent Revenue $               15,000
Total Current Liabilities $              135,000
Stockholder's Equity
Common Stock $            150,000
Retained Earnings $             -43,000
Total Stockholder's Equity $              107,000
Total Liabilities & Stockholder's Equity $              242,000

ekkarill92 answered 11 months ago
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