Question

In: Accounting

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 10 months ago
Next > < Previous

Related Solutions

Let me know if the Adjusted trial balance on December 31, 20X6 is needed to answer...
Let me know if the Adjusted trial balance on December 31, 20X6 is needed to answer the below as I can provide it. Thank you! Questions 4 through 10 are based on the following December 31, 20X6 year-end account balances for XYZ Co. after adjusting entries had been prepared but before the books were closed for the year.                                                                  Cash……………..…………………………….250,000                 Accounts receivable…………………….……..680,000                 Marketable securities…………………………...60,000                 Prepaid insurance……………………………….35,000                 Prepaid rent….………………………………….30,000                 Office equipment…………………………….....620,000                 Accumulated depreciation: equipment………...200,000                 Land……………………………………………750,000                 Accounts payable………………………………306,000                 Dividends payable……………………………… 50,000                 Interest payable…………………………………......
Prepare the adjusted trial balance on December 31, 20X6. Attach your response in an excel or...
Prepare the adjusted trial balance on December 31, 20X6. Attach your response in an excel or word file. Questions 4 through 10 are based on the following December 31, 20X6 year-end account balances for XYZ Co. after adjusting entries had been prepared but before the books were closed for the year.                                                                  Cash……………..…………………………….250,000                 Accounts receivable…………………….……..680,000                 Marketable securities…………………………...60,000                 Prepaid insurance……………………………….35,000                 Prepaid rent….………………………………….30,000                 Office equipment…………………………….....620,000                 Accumulated depreciation: equipment………...200,000                 Land……………………………………………750,000                 Accounts payable………………………………306,000                 Dividends payable……………………………… 50,000                 Interest payable…………………………………... 8,750                 Income tax payable……………………………...30,000                 Unearned client service...
31) The following accounts were included on Aeroplane Consultants adjusted trial balance at December 31, 2018:...
31) The following accounts were included on Aeroplane Consultants adjusted trial balance at December 31, 2018: Accounts receivable $ 10,200 Accounts payable 16,000 Cash 7,500 Common stock 30,000 Dividends 12,000 Inventory 15,000 Sales taxes payable 1,350 Equipment 8,000 Interest expense 3,500 Note payable, due 8/31/21 60,000 Bonds payable 150,000 Salaries payable 7,000 Retained earnings 18,000 Unearned revenue 4,000 Prepaid supplies 2,000 Service revenue 44,000 Requirements: (Show all work) Total current assets? Total current liabilities?
The following is the Frederick Company's adjusted Trial Balance. Frederick Company Adjusted Trial Balance December 31,...
The following is the Frederick Company's adjusted Trial Balance. Frederick Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $85,150 Accounts Receivable 229,140 Supplies 16,955 Equipment 395,285 Accumulated Depreciation $221,260 Accounts Payable 74,235 Capital Stock 220,000 Retained Earnings 101,145 Service Revenue 893,105 Interest Income 1,500 Dividends 2,000 Rent Expense 58,500 Wages Expense 527,260 Supplies Expense 42,520 Utilities Expense 8,595 Depreciation Expense 145,840 ________      Totals $1,522,565 $1,522,565 Use this information to prepare the Balance Sheet for the fiscal...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31,...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 331,000 Supplies 13,255 Prepaid Rent 10,500 Equipment 295,285 Accumulated Depreciation $236,760 Accounts Payable 75,555 Wages Payable 14,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 900,105 Interest Income 1,500 Rent Expense 64,000 Wages Expense 541,260 Supplies Expense 42,520   Depreciation Expense 165,095   Dividends 7,700 _________      Totals $1,559,065 $1,559,065 Prepare the general journal entry (without explanation) needed...
The following is the Frederick Company's adjusted Trial Balance. Frederick Company Adjusted Trial Balance December 31,...
The following is the Frederick Company's adjusted Trial Balance. Frederick Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $85,150 Accounts Receivable 229,140 Supplies 16,955 Equipment 395,285 Accumulated Depreciation $221,260 Accounts Payable 74,235 Capital Stock 220,000 Retained Earnings 101,145 Service Revenue 893,105 Interest Income 1,500 Dividends 2,000 Rent Expense 58,500 Wages Expense 527,260 Supplies Expense 42,520 Utilities Expense 8,595 Depreciation Expense 145,840 ________ Totals $1,522,565 $1,522,565 Use this information to prepare the Balance Sheet for the fiscal...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,000 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________      Totals $1,526,565 $1,526,565 Use this information to prepare the Balance Sheet for the fiscal...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31,...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 331,860 Supplies 11,255 Prepaid Rent 5,500 Equipment 295,285 Accumulated Depreciation $236,260 Accounts Payable 72,555 Wages Payable 10,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 898,105 Interest Income 1,500 Rent Expense 66,000 Wages Expense 537,260 Supplies Expense 42,520   Depreciation Expense 164,595   Dividends 6,840 ________      Totals $1,549,565 $1,549,565 What are the dollar values that will...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,000 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________ Totals $1,526,565 $1,526,565 Use this information to prepare the Balance Sheet for the fiscal...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,000 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________ Totals $1,526,565 $1,526,565 Use this information to prepare the Balance Sheet for the fiscal...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT