The following accounts appeared on the trail balance of Elbert Company at December 31, 2019. Notes...

The following accounts appeared on the trail balance of Elbert Company at December 31, 2019.

Notes Payable (short-term)	$192,000	Accounts Receivable	$518,400
Accumulated Depreciation - Bldg.	783,000	Prepaid Insurance	56,250
Supplies	37,800	Preferred Stock	750,000
Salaries and Wages Payable	34,200	Common Stock	1,125,000
Debt Investments (long-term)	281,400	Inventory	1,580,250
Cash	170,250	Land	465,000
Bonds Payable Due 1/1/2025	1,200,000	Trading Securities	73,200
Allowance for Doubtful Accts.	7,800	Interest Payable	5,700
Copyrights	192,900	Buildings	1,926
Notes Receivable (due in 6 months)	138,000	Accounts Payable	409,950
Income Taxes Payable	156,000	Additional Paid-in Capital	163,800

(1). Prepare the current assets section of the balance sheet listing the accounts in proper sequence.

(2). Prepare the current liabilities section of the balance sheet.

Solutions

Expert Solution

1	Current Assets
	Cash		170,250
	Trading Securities		73,200
	Accounts Receivable	518,400
	Less: Allowance for Doubtful Accts	(7,800)	510,600
	Notes Receivable (due in 6 months)		138,000
	Inventory		1,580,250
	Supplies		37,800
	Prepaid Insurance		56,250
	Total current assets		2,566,350

2
	Current Liabilities
	Accounts Payable	409,950
	Notes Payable (short-term)	192,000
	Salaries and Wages Payable	34,200
	Income Taxes Payable	156,000
	Interest Payable	5,700
	Total Current Liabilities	797,850

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

The following accounts appeared on the trial balance of Ewana Company at December 31, 2020. Notes...

The following accounts appeared on the trial balance of Ewana Company at December 31, 2020. Notes Payable (short-term) $192,000 Accounts Receivable $518,400 Accumulated Depreciation - Bldg. 783,000 Prepaid Insurance 56,250 Supplies 37,800 Salaries and Wages Payable 34,200 Common Stock 1,125,000 Debt Investments (long-term) 281,400 Unappropriated Retained Earnings 318,000 Cash 170,250 Inventory 1,580,250 Bonds Payable Due 1/1/2025 1,200,000 Land 465,000 Allowance for Doubtful Accts. 7,800 Trading Securities 73,200 Copyrights 192,900 Interest Payable 5,700 Notes Receivable (due in 6 months) 138,000 Buildings...

On December 31, 2019, the Notes Payable account at Northwood Manufacturing Company had a balance of...

On December 31, 2019, the Notes Payable account at Northwood Manufacturing Company had a balance of $16,000. This balance represented a three-month, 7.5 percent note issued on November 1. On January 2, 2019, Hitech Computer Consultants purchased flash drives, paper, and other supplies for $5,230 in cash. On December 31, 2019, an inventory of supplies showed that items costing $1,590 were on hand. The Supplies account has a balance of $5,230. On September 1, 2019, North Dakota Manufacturing paid a...

Coyote Company Adjusted Trail Balance As of 12/31/2019 account credit debit cash 30,000 accounts receivable 40,000...

Coyote Company Adjusted Trail Balance As of 12/31/2019 account credit debit cash 30,000 accounts receivable 40,000 allowance for doubtful accounts 1,000 notes receivable 18,000 inventory 12/31/2019 51,000 prepaid insurance 6,000 long term investment in ms stock 80,000 buildings 500,000 accumulated depreciation on buildings 300,000 furniture and equipment 110,000 accumulated depreciation of F & E 30,000 patent 90,000 accounts payable 20,000 bonds payable 100,000 common stock 360,000 retained earnings 257,000 dividends 160,000 sales 410,000 COGS 243,000 salary expense 50,000 rent expense...

The following accounts are taken from the ledger of Oriole Company at December 31, 2017. Notes...

The following accounts are taken from the ledger of Oriole Company at December 31, 2017. Notes Payable $21,200 Cash $6,400 Common Stock 26,600 Supplies 5,300 Equipment 80,600 Rent Expense 2,100 Dividends 8,500 Salaries and Wages Payable 3,200 Salaries and Wages Expense 40,300 Accounts Payable 9,500 Service Revenue 91,200 Accounts Receivable 8,500 Prepare a trial balance. ORIOLE COMPANY Trial Balance choose the accounting period ...

At December 31, 2019, Bedford Company had a balance of $248,100 in its Accounts Receivable account...

At December 31, 2019, Bedford Company had a balance of $248,100 in its Accounts Receivable account and a credit balance of $900 in its Allowance for Doubtful Accounts account. Bedford analyzed and aged its accounts receivable based on the following estimated uncollectible amounts: Age of Accounts Receivables Balance Estimated % Uncollectible Current $ 130,500 0.6% 31 to 60 day 66,300 2.0% 61 to 90 days 26,700 5.5% Over 91 days 24,600 21.0% Total $248,100 The company bases its provision...

Barry Computer Company: Balance Sheet as of December 31, 2019 (In Thousands) Cash $ 44,950 Accounts...

Barry Computer Company: Balance Sheet as of December 31, 2019 (In Thousands) Cash $ 44,950 Accounts payable $ 143,840 Receivables 323,640 Other current liabilities 134,850 Inventories 269,700 Notes payable to bank 71,920 Total current assets $ 638,290 Total current liabilities $ 350,610 Long-term debt 197,780 Net fixed assets 260,710 Common equity (35,061 shares) 350,610 Total assets $ 899,000 Total liabilities and equity $ 899,000 Barry Computer Company: Income Statement for Year Ended December 31, 2019 (In Thousands) Sales $ 1,550,000...

The adjusted trial balance for Marigold at December 31, 2019, contains the following accounts. Debit Credit...

The adjusted trial balance for Marigold at December 31, 2019, contains the following accounts. Debit Credit Buildings $128,100 Common Stock $93,550 Accounts Receivable 14,000 Retained Earnings 25,750 Prepaid Insurance 4,100 Accumulated Depreciation—Buildings 43,100 Cash 19,600 Accounts Payable 11,600 Equipment 62,000 Notes Payable 96,100 Land 68,500 Accumulated Depreciation—Equipment 17,400 Insurance Expense 500 Interest Payable 2,300 Depreciation Expense 6,600 Service Revenue 15,900 Interest Expense 2,300 $305,700 $279,950 Prepare a classified balance sheet; assume that $21,000 of the note payable will be...

Following are selected balance sheet accounts of Windsor Bros. Corp. at December 31, 2020 and 2019,...

Following are selected balance sheet accounts of Windsor Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets 2020 2019 Increase (Decrease) Accounts receivable $34,100 $23,900 $10,200 Property, plant, and equipment 276,600 247,300 29,300 Accumulated depreciation—plant assets (179,700 ) (165,400 ) (14,300 ) Liabilities and stockholders’ equity 2020...

Following are selected balance sheet accounts of Pharoah Bros. Corp. at December 31, 2020 and 2019,...

Following are selected balance sheet accounts of Pharoah Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets 2020 2019 Increase (Decrease) Accounts receivable $34,100 $23,900 $10,200 Property, plant, and equipment 277,700 247,800 29,900 Accumulated depreciation—plant assets (176,500 ) (168,200 ) (8,300 ) Liabilities and stockholders’ equity 2020...

The following are Flounder Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with...

The following are Flounder Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020. COMPARATIVE BALANCE SHEETS 2020 2019 Increase (Decrease) Cash $822,600 $700,100 $122,500 Accounts receivable 1,139,300 1,157,900 (18,600 ) Inventory 1,835,600 1,726,700 108,900 Property, plant, and equipment 3,276,300 2,980,900 295,400 Accumulated depreciation (1,165,600 ) (1,047,400 ) (118,200 ) Investment in Myers Co. 312,200 272,500 39,700 Loan receivable 251,900 — 251,900 Total assets $6,472,300 $5,790,700 $681,600 Accounts...

Subjects