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In: Accounting

On January 1, Year 1, the general ledger of a company includes the following account balances:...

On January 1, Year 1, the general ledger of a company includes the following account balances:

Accounts Debit Credit
Cash $ 25,300
Accounts Receivable 6,700
Supplies 4,600
Land 65,000
Accounts Payable $ 4,700
Common Stock 80,000
Retained Earnings 16,900
Totals $ 101,600 $ 101,600

During Year 1, the following transactions occur:

January 2 Purchase rental space for one year in advance, $10,500 ($875/month).
January 9 Purchase additional supplies on account, $5,000.
January 13 Provide services to customers on account, $27,000.
January 17 Receive cash in advance from customers for services to be provided in the future, $5,200.
January 20 Pay cash for salaries, $13,000.
January 22 Receive cash on accounts receivable, $25,600.
January 29 Pay cash on accounts payable, $5,500.

5. Prepare a classified balance sheet as of January 31, Year 1.

i just need to know how to do the classified balance sheet

Solutions

Expert Solution

Balance Sheet
Assets Liabilities
Current Assets Current Liabilities
Cash 27100 Accounts Payable 4200
Accounts Receivable 8100 Unearned Revenue 5200
Supplies 9600
Prepaid rent 9625
Total Current Assets 54425 Total Current Liabilities 9400
Long term Assets Stockholders Equity
Common Stock 80000
Land 65000 Reatained Earnings (16900 + 13125) 30025
Total Long term Assets 65000 Total Stockholders Equity 110025
Total Assets 119425 Total liabilities and Stockholders Equity 119425

Working note:

Balance Sheet Income Statement
Date Assets Liabilities Stockholders' equity
Cash + Accounts receivable + Supplies + Prepaid rent + Land = Accounts payable + Unearned revenue + Common stock + Retained earnings Revenue - Expenses = Net income
Beg bal 25300 6700 4600 65000 4700 80000 16900
02-Jan -10500 10500
Adjustment -875 875 -875
09-Jan 5000 5000
13-Jan 27000 27000 27000
17-Jan 5200 5200
20-Jan -13000 13000 -13000
22-Jan 25600 -25600
29-Jan -5500 -5500
End bal 27100 8100 9600 9625 65000 4200 5200 80000 16900 27000 13875 13125

ekkarill92 answered 2 years ago
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