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Below is an alphabetical list of the adjusted accounts of Cullumber Tour Company at its year...

Below is an alphabetical list of the adjusted accounts of Cullumber Tour Company at its year end, December 31, 2021. All accounts have normal balances.

Accounts payable $7,310 Interest receivable $100
Accounts receivable 3,510 Interest revenue 1,100
Accumulated depreciation—equipment 15,000 Notes payable 40,000
Cash 4,500 Notes receivable 18,450
Depreciation expense 10,000 Patents 15,070
Equipment 50,000 Prepaid insurance 2,900
F. Cullumber, capital 17,370 Service revenue 65,050
F. Cullumber, drawings 33,000 Short-term investments 2,700
Insurance expense 1,500 Supplies 3,100
Interest expense 2,840 Supplies expense 2,400
Interest payable 740 Unearned revenue 3,500



Additional information:

1. In 2022, $3,000 of the notes payable becomes due.
2. The note receivable is due in 2023.
3. On July 18, 2021, Fred Cullumber invested $3,200 cash in the business.

a) Prepare closing journal entries and calculate the post-closing balance in F. Cullumber, Capital on December 31, 2021.

b) Prepare a classified balance sheet. (List Current Assets in order of liquidity.)

Solutions

Expert Solution

WORKINGS for Capital figure in Balance Sheet

ekkarill92 answered 2 years ago
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