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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 1 year ago
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