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An adjusted trial balance for Bob Industries Limited at December 31, 2011 follows. Debit Credit Cash...

An adjusted trial balance for Bob Industries Limited at December 31, 2011 follows.

Debit

Credit

Cash

319,000

Accounts Receivable

100,000

Interest Payable

0

5,000

Stationery Expense

11,000

Interest Expense

34,000

Prepaid Rent

15,000

Income Tax Expense

28,000

Plant and Equipment

620,000

Accumulated Depreciation- P&E

45,000

Accounts Payable

141,000

Current portion of long-term loan payable

25,000

Common Shares

100,000

Retained Earnings

421,500

Sales Revenue

910,000

Cost of Goods Sold

370,000

Advertising Expense

18,000

Salaries and Wages Expense

87,000

Dividends

23,000

Depreciation Expense

13,000

Rent Expense

90,000

Inventory

55,000

Long-term Loan Receivable

250,000

Non-current Portion of Long-term Loan Payable

350,000

Stationery

2,500

Unearned Revenue

21,000

Wages Payable

17,000

2,035,500

2,035,500

Prepare, in good form, the balance sheet’s Total Asset and Shareholders’ Equity sections only at December 31, 2011, with items classified as current or non-current. Disclose all calculations and explanations

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Expert Solution

ekkarill92 answered 1 year ago
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