Question

In: Accounting

Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical...

Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical order. Prepare a classified balance sheet for the year-ended December 31, 2017. For the bank loan, $50,000 is due in 2018. For Notes receivable, $30,000 will be collected in 2018.
Accounts Debit Credit
Accounts payable $57,321
Accumulated depreciation, equipment 98,000
Accumulated depreciation, furniture 48,600
Bank loan 687,536
Cash $305,687
Equipment 450,300
Operating expenses 45,987
Furniture 160,000
Merchandise inventory 30,000
Natsuki Miyakawa, capital 32,241
Natsuki Miyakawa, withdrawal 25,000
Notes receivable 65,000
Revenue 125,689
Wages payable 32,587
Total $1,081,974 $1,081,974

Solutions

Expert Solution

Net income = Revenue - Operating expenses

= 125,689-45,987

= $79,702

Statement of Owners Equity
Natsuki Miyakawa, capital beginning 32,241
Add: Net income 79,702
Less: Natsuki Miyakawa, withdrawal -25,000
54,702
Natsuki Miyakawa, capital ending $86,943
Balance Sheet
Assets Amount
Current Assets:
Cash 305,687
Note receivable 30,000
Merchandise inventory 30,000
Total Current Assets 365,687
Plant,Assets :
Equipment                                 450,300
Less:Accumulated Depreciation- equipment -98,000
Furniture 160,000
Less:Accumulated Depreciation- Furniture -48,600
Total plant asset 463,700
Other Assets:
Note receivable 35,000
Total other assets 35,000
Total Assets $864,387
Liabilities and Owners Equity
Current Liabilities:
Accounts payable    57,321
Bank loan    50,000
Wages payable    32,587
Total Current liabilities 139,908
Long term Liabilities:
Bank loan 637,536
Total Long term Liabilities 637,536
Owners Equity:
Natsuki Miyakawa, capital ending 86,943
Total owners equity 86,943
Total Liabilities & Owners Equity $864,387

Kindly comment if you need further assistance. Thanks

ekkarill92 answered 3 years ago
Next > < Previous

Related Solutions

Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical...
Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical order. Prepare a classified balance sheet for the year-ended December 31, 2017. For the bank loan, $50,000 is due in 2018. For Notes receivable, $30,000 will be collected in 2018. Account Title Debit Credit Accounts payable $57,321 Accumulated depreciation, equipment 98,000 Accumulated depreciation, furniture 48,600 Bank loan 687,536 Cash $305,687 Equipment 450,300 Operating expenses 45,987 Furniture 160,000 Merchandise inventory 30,000 Natsuki Miyakawa, capital 32,241...
Following is the adjusted trial balance, with accounts in alphabetical order, for TRN Magazine as at...
Following is the adjusted trial balance, with accounts in alphabetical order, for TRN Magazine as at January 31, 2017: Debit Credit Accounts receivable $ 21,300 Accumulated depreciation, equipment $ 12,300 Cash 8,800 Depreciation expense, equipment 1,650 Equipment 19,300 Interest income 480 Rent expense 17,800 Salaries expense 61,300 Subscription revenues 71,300 Trish Norris, capital 46,470 Trish Norris, withdrawals 19,700 Unearned subscription revenue 19,300 Totals $ 149,850 $ 149,850 Required: Prepare the closing entries. (If no entry is required for a transaction/event,...
Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance of the...
Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance of the Meadows Company on December 31, 2016: Debits Credits Accounts Payable $ 9,800 Accounts Receivable $ 19,000 Accrued Payables 7,100 Accumulated Depreciation 44,000 Additional Paid-in Capital 50,600 Cash 7,900 Common Stock, $5 par 29,600 Cost of Goods Sold 179,500 Current Portion of Long-Term Debt 6,200 Deferred Taxes Payable 12,500 Dividends Distributed 7,000 General Expenses 27,560 Income Tax Expense 12,340 Income Taxes Payable 7,500 Interest Expense...
The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the...
The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to (a) the Income Statement columns or (b) the Balance Sheet columns.       (1)    Salaries Payable   _____ (7)    Kim Lee, Drawing   ____         (2)    Fees Earned   ______ (8)    Equipment   ____         (3)    Accounts Payable   _____ (9)    Accounts Receivable   ____         (4)    Kim Lee, Capital   ______ (10)    Accumulated Depreciation   ____         (5)    Supplies Expense   _____ (11)    Salary Expense   ____        ...
An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first...
An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March 31, 2014, is shown below: Account Adjusted Account Balance*   Accounts payable $ 8,300          Accumulated depreciation, building 24,200          Accumulated depreciation, furniture 2,700          Advertising expense 15,400          Building 583,000          Cash 16,200          Depreciation expense, building 24,200          Depreciation expense, furniture 2,700          Furniture 41,200          Interest expense 10,180          Interest payable 720          Janitorial expense 40,200       ...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2014 for Meilleur Merchants. The list of accounts is in alphabetical order.
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2014 for Meilleur Merchants. The list of accounts is in alphabetical order.Meilleur uses a periodic inventory system.  Account  Balance  Dec. 31  1 Accounts payable (15,000)2 Accounts receivable 30,000 3 Accumulated depreciation—building (15,500)4 Accumulated depreciation—equipment (10,000)5 Advertising expense 4,100 6 Building 84,600 7 S. Meilleur, capital (75,000)8 S. Meilleur, drawings 28,300 9 Cash 8,790 10 Depreciation expense 5,700 11 Equipment 24,500 12 ...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2014 for Meilleur Merchants. The list of accounts is in alphabetical order.
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2014 for Meilleur Merchants. The list of accounts is in alphabetical order.Meilleur uses a periodic inventory system.  Account  Balance  Dec. 31  1 Accounts payable (15,000)2 Accounts receivable 30,000 3 Accumulated depreciation—building (15,500)4 Accumulated depreciation—equipment (10,000)5 Advertising expense 4,100 6 Building 84,600 7 S. Meilleur, capital (75,000)8 S. Meilleur, drawings 28,300 9 Cash 8,790 10 Depreciation expense 5,700 11 Equipment 24,500 12 ...
The accounts listed below are for Mustafa, Inc.  Use the Adjusted Trial Balance to prepare the income...
The accounts listed below are for Mustafa, Inc.  Use the Adjusted Trial Balance to prepare the income statement, statement of retained earnings, and classified balance sheet at December 31, 2017.   Debit Credit Cash $6,000 Accounts Receivable $3,120 Prepaid Insurance $2,160 Equipment $5,280 Accumulated Depreciation - Equipment $3,120 Accounts Payable $2,640 Unearned Revenue $1,440 Notes Payable (long-term) $3,600 Common Stock $2,400 Retained Earnings, December 31, 2016 $2,160 Dividends $600 Service Revenue $9,840 Cost of Goods Sold $5,160 Salaries Expense $1,200 Utilities Expense...
Of the following accounts, which might appear in the adjusted trial balance, but not in the...
Of the following accounts, which might appear in the adjusted trial balance, but not in the post-closing trial balance? A. Income Summary B. Owners capital C. Accounts payable D. Depreciation expense
Which of the following accounts appear on the adjusted trial balance but not on the post-closing...
Which of the following accounts appear on the adjusted trial balance but not on the post-closing trial balance? a. revenue, expenses, capital b. revenue, expenses, unearned revenue c. revenue, expenses, income summary d. revenue, expenses, withdrawals The capital balance on the adjusted trial balance equals the a. ending capital balance b. beginning capital balance c. beginning capital balance plus net income d. beginning capital balance plus investments this period
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT