In: Accounting
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 |
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