Question

In: Accounting

The trial balance for K and J Nursery, Inc., listed the following account balances at December...

The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2018, the end of its fiscal year: cash, $24,000; accounts receivable, $19,000; inventories, $33,000; equipment (net), $88,000; accounts payable, $22,000; wages payable, $9,000; interest payable, $5,000; note payable (due in 18 months), $38,000; common stock, $66,000.

Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $155,000.

Solutions

Expert Solution

K and J Nursery, Inc.
CLASSIFIED BALANCE SHEET
AS OF DECEMBER 31, 2018
$ $
Assets
Current Assets
Cash     24,000.00
Accounts receivable     19,000.00
Inventories     33,000.00
Total current assets       76,000.00
Property, plant and equipment
Equipment 155,000.00
Less: Accumulated Depreciation (67,000.00)
Total property, plant and equipment       88,000.00
Total assets 164,000.00
Liabilities and stockholders’ equity
Current liabilities
Accounts Payable     22,000.00
Wages Payable       9,000.00
Interest Payable       5,000.00
Total Current liabilities       36,000.00
Long-term liabilities
Notes payable       38,000.00
Total liabilities       74,000.00
Stockholders’ equity
Common stock     66,000.00
Retained earnings     24,000.00
Total stockholders’ equity       90,000.00
Total liabilities and stockholders’ equity 164,000.00
Explanation
Retained earnings Calculation
Total assets 164,000.00
Less:
      Total liabilities     74,000.00
      Common stock     66,000.00
Retained earnings     24,000.00

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Garvey Company’s unadjusted trial balance includes the following account balances as of December 31, 2015: Debits...
Garvey Company’s unadjusted trial balance includes the following account balances as of December 31, 2015: Debits Credits   Cash $ 69,420   Accounts receivable 118,700   Interest receivable 1,380   Supplies 141,400   Prepaid insurance 8,900   Notes Receivable (short-term) 51,200   Equipment 283,400   Accumulated Depreciation––Equipment $ 65,700   Accounts payable 106,100   Salaries and Wages Payable 22,000   Unearned revenue 9,600   Notes Payable (long-term) 89,000   Common Stock 220,500   Retained earnings 146,300   Service revenue 41,300   Interest revenue 22,300   Supplies Expense 0   Repair and Maintenance Expense 27,000   Rent Expense 18,200   Depreciation...
Garvey Company’s unadjusted trial balance includes the following account balances as of December 31, 2015: Debits...
Garvey Company’s unadjusted trial balance includes the following account balances as of December 31, 2015: Debits Credits Cash $ 69,290 Accounts receivable 118,100 Interest receivable 1,360 Supplies 140,700 Prepaid insurance 8,850 Notes Receivable (short-term) 50,900 Equipment 282,000 Accumulated Depreciation––Equipment $ 65,400 Accounts payable 105,600 Salaries and Wages Payable 21,900 Unearned revenue 9,500 Notes Payable (long-term) 88,600 Common Stock 219,400 Retained earnings 145,600 Service revenue 41,100 Interest revenue 22,200 Supplies Expense 0 Repair and Maintenance Expense 26,850 Rent Expense 18,100 Depreciation...
The following account balances were taken from ABC Company’s unadjusted trial balance at December 31, 2020:...
The following account balances were taken from ABC Company’s unadjusted trial balance at December 31, 2020: Accounts Payable ............ $56,000 Accounts Receivable ......... $42,000 Cash ........................ $11,000 Common Stock ................ $63,000 Cost of Goods Sold .......... $52,000 Income Tax Expense .......... $12,000 Insurance Expense ........... $21,000 Inventory ................... $70,000 Land ........................ $68,000 Mortgage Payable ............ $49,000 Patent ...................... $31,000 Prepaid Insurance ........... $17,000 Rental Revenue .............. $46,000 Retained Earnings ........... $72,000 (at January 1, 2020) Sales Revenue ............... $95,000 Supplies...
The following account balances were taken from ABC Company’s unadjusted trial balance at December 31, 2020:...
The following account balances were taken from ABC Company’s unadjusted trial balance at December 31, 2020: Accounts Payable ............ $56,000 Accounts Receivable ......... $42,000 Cash ........................ $11,000 Common Stock ................ $63,000 Cost of Goods Sold .......... $52,000 Income Tax Expense .......... $12,000 Insurance Expense ........... $21,000 Inventory ................... $70,000 Land ........................ $68,000 Mortgage Payable ............ $49,000 Patent ...................... $31,000 Prepaid Insurance ........... $17,000 Rental Revenue .............. $46,000 Retained Earnings ........... $72,000 (at January 1, 2020) Sales Revenue ............... $95,000 Supplies...
The following account balances were taken from ABC Company’s unadjusted trial balance at December 31, 2020:...
The following account balances were taken from ABC Company’s unadjusted trial balance at December 31, 2020: Accounts Payable ............ $56,000 Accounts Receivable ......... $42,000 Cash ........................ $11,000 Common Stock ................ $63,000 Cost of Goods Sold .......... $52,000 Income Tax Expense .......... $12,000 Insurance Expense ........... $21,000 Inventory ................... $70,000 Land ........................ $68,000 Mortgage Payable ............ $49,000 Patent ...................... $31,000 Prepaid Insurance ........... $17,000 Rental Revenue .............. $46,000 Retained Earnings ........... $72,000 (at January 1, 2020) Sales Revenue ............... $95,000 Supplies...
The account balances from the December 31, 2019, trial balance for Haman Accounting Services are shown...
The account balances from the December 31, 2019, trial balance for Haman Accounting Services are shown below. HAMAN ACCOUNTING Trial Balance December 31, 2019 ACCOUNT NAME DEBIT CREDIT Cash 7,500 Accounts Receivable 3,500 Supplies 2,500 Prepaid Rent 16,000 Equipment 15,000 Accounts Payable 9,600 Erik Haman, Capital 23,500 Erik Haman, Drawing 4,500 Fees Income 23,000 Salaries Expense 4,500 Utilities Expense 2,600 Totals 56,100 56,100 Prepare an income statement for the Haman Accounting Services for the month ended December 31, 2019. Prepare...
1. The account balances from the December 31, 20X1, trial balance for Haman Accounting Services are...
1. The account balances from the December 31, 20X1, trial balance for Haman Accounting Services are shown below. HAMAN ACCOUNTING Trial Balance December 31, 20X1 ACCOUNT NAME DEBIT CREDIT Cash 7,300 Accounts receivable 3,200 Supplies 1,200 Prepaid rent 12,000 Equipment 15,500 Accounts payable 9,450 Erik Haman, Capital 20,000 Erik Haman, Drawing 4,200 Fees income 21,000 Salaries expense 6,200 Utilities expense 850 Totals 50,450 50,450 Prepare an income statement for the Haman Accounting Services for the month ended December 31, 20X1....
The account balances from the December 31, 2019, trial balance for Haman Accounting Services are shown...
The account balances from the December 31, 2019, trial balance for Haman Accounting Services are shown below. HAMAN ACCOUNTING Trial Balance December 31, 2019 ACCOUNT NAME DEBIT CREDIT Cash 7,500 Accounts Receivable 3,500 Supplies 2,500 Prepaid Rent 16,000 Equipment 15,000 Accounts Payable 9,600 Erik Haman, Capital 23,500 Erik Haman, Drawing 4,500 Fees Income 23,000 Salaries Expense 4,500 Utilities Expense 2,600 Totals 56,100 56,100 Prepare an income statement for the Haman Accounting Services for the month ended December 31, 2019. Prepare...
The following is a December 31, 2018, post-closing trial balance for Georgetown, Inc. . Account Title...
The following is a December 31, 2018, post-closing trial balance for Georgetown, Inc. . Account Title Debits Credits Cash $ 45,000 Investments 110,000 Accounts receivable 60,000 Inventories 200,000 Prepaid insurance (for the next 9 months) 9,000 Land 90,000 Buildings 420,000 Accumulated depreciation—buildings $ 100,000 Equipment 110,000 Accumulated depreciation—equipment 60,000 Patents (net of amortization) 10,000 Accounts payable 75,000 Notes payable 130,000 Interest payable 20,000 Bonds Payable 240,000 Common stock 300,000 Retained earnings 129,000 Totals $ 1,054,000 $ 1,054,000 Additional information: The...
Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts payable...
Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts payable $25,600 Bond payable, due 2027 24,200 Salaries payable 17,700 Note payable, due 2019 20,100 Note payable, due 2023 41,300 What amount should be included in the current liabilities section of Janson's December 31, 2018, balance sheet? Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts payable $25,600 Bond payable, due 2027 24,200 Salaries payable 17,700 Note payable, due...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT