Question

In: Accounting

The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for...

The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30 for Abigail Company:

Accumulated Depreciation

$42,400
Prepaid Rent

6,800
Supplies

850
Unearned Fees

7,310
Trucks

49,300
Cash

3,400
Common Stock 2,000
Retained Earnings

?

​

Prepare a classified balance sheet.

Solutions

Expert Solution

Abigail Company's Balance Sheet as on April 30, XXX
Assets Amt Liabilties and Capital Amt
CURRENT ASSETS CURRENT LIABILITIES
Prepaid Rent $         6,800 Unearned Fees $         7,310
Supplies $             850 OWNER'S EQUITY
Cash $         3,400 Common Stock $         2,000
FIXED ASSETS Capital/ Retained earning (balancing Figure) $         8,640
Trucks =$ 49,300 $         6,900
Less Accumuated Dep = $ 42,400
Total $       17,950 Total $       17,950

Prepaid rent, Supplies & Cash can be realised/ consumed in less than 1 year and hence, are part of Current liabilities.Truck less accumulated depriciation yields benefit to the company for more than a year and hence, are part of fixed assets. Unarned fees is against advance received for work to be delivered in less than 1 year and hence, part of current liability. Common stock is owener's equity (and is considered as long term liability.. Usually stays within company till it ceases to exist). Assets exceed liabilies (excluding retained earnings) by $ 8,640. This balancing figure becomes the retained earnings and has been put under Owner's equity.

Note: Request you to please share the feedback and rate the answer to enable me to understand the quality of answer

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for...
The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30 for Abigail Trucking: Accounts Amount Accounts Payable $42,600 Accounts Receivable 83,400 Accumulated Depreciation-Trucks 28,000 Cash ? Common Stock 100,000 Prepaid Insurance 6,500 Prepaid Rent 12,000 Retained Earnings 215,000 Salaries Payable 12,500 Trucks 206,000 Supplies 4,700 Unearned Fees 5,000 Required: Prepare a classified balance sheet. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels,...
The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for...
The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30, for Finnegan Co.: Accumulated Depreciation $32,000 Fees Earned 78,000 Depreciation Expense 7,250 Rent Expense 34,000 Prepaid Insurance 6,000 Supplies 400 Supplies Expense 1,800 ​ Prepare an income statement.
3. On the basis of the following data taken from the Adjusted Trial Balance columns of...
3. On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Boles Athletic Company, journalize the four closing entries. Cash $  30,000 Accounts Receivable 45,200 Supplies 5,000 Equipment 169,900 Accumulated Depreciation $  32,000 Accounts Payable 12,500 Capital Stock 71,600 Dividends 47,000 Fees Earned 510,000 Salary Expense 244,500 Rent Expense 48,000 Depreciation Expense 25,000 Supplies Expense 9,500 Miscellaneous Expense       2,000 $626,100 $626,100 Date Description Post Ref Debit Credit...
The end of period spreadsheet is useful in preparing an Adjusted Trial Balance from which the...
The end of period spreadsheet is useful in preparing an Adjusted Trial Balance from which the three Financial Statements can be prepared. Please indicate the results in the adjusted Trial Balance under the following circumstances. Please provide an example. a. An account has a debit balance. The adjustment requires a credit to that account. The debit amount is higher than the credit amount. Is the result in the Adjusted Trial Balance a debit or credit? Please provide an example. b....
The following data were taken from the adjusted trial balance of Kent Corporation. Kent Corporation Adjusted...
The following data were taken from the adjusted trial balance of Kent Corporation. Kent Corporation Adjusted Trial Balance Data December 31, 2009 Accounts Payable $12,000 Accounts Receivable 13,000 Accumulated Depreciation-Building 6,000 Accumulated Depreciation-Furniture & Fixtures 9,000 Building 60,000 Capital Stock 40,000 Cash 24,000 Copyrights 22,000 Dividends Declared 12,000 Furniture & Fixtures 15,000 Land 25,000 Note Payable (10%, due in 5 years) 40,000 Office Supplies 1,000 Prepaid Insurance 3,000 Retained Earnings (January 1, 2009) 23,000 Salaries Payable 2,000 Service Revenue 85,000...
The following account balances were taken from the adjusted trial balance for Urgent Messenger Service, a...
The following account balances were taken from the adjusted trial balance for Urgent Messenger Service, a delivery service firm, for the fiscal year ended November 30, 20Y1: Depreciation expense $8,550 Fees earned 684,000 Insurance expense 1,200 Miscellaneous expense 3,600 Rent expense 60,000 Salaries expense 336,300 Supplies expense 3,500 Utilities expense 41,800 Prepare an income statement. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading....
The following account titles and balances were taken from the adjusted trial balance of Prince Co....
The following account titles and balances were taken from the adjusted trial balance of Prince Co. for Year 2. The company uses the periodic inventory system. Sales returns and allowances $11,700 Miscellaneous expense $6,300 Transportation-out $19,300 Sales $21,400 Advertising expense $930 Salaries expense $163,000 Transportation-in $3,350 Purchases $21,250 Interest expense $59,500 Merchandise inventory, January 1 $333,000 Rent expense $9,300 Merchandise inventory, December 31 $6,850 Purchase returns and allowances $11,450 Loss on sale of land $5,300 Utilities expense $12,500 a. Prepare...
The following account balances were taken from the adjusted trial balance for Laser Messenger Service, a...
The following account balances were taken from the adjusted trial balance for Laser Messenger Service, a delivery service firm, for the fiscal year ended April 30, 2016: Depreciation Expense $8,600 Fees Earned 664,000 Insurance Expense 1,700 Miscellaneous Expense 3,750 Rent Expense 59,000 Salaries Expense 338,000 Supplies Expense 4,200 Utilities Expense 42,200 Prepare an income statement. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading....
The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2019 Adjusted Trial Balance Account...
The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2019 Adjusted Trial Balance Account Title Dr. Cr. Cash $18,230 Accounts Receivable 39,680 Supplies 6,200 Prepaid Insurance 13,390 Land 141,000 Buildings 507,000 Accumulated Depreciation-Buildings 165,200 Equipment 366,000 Accumulated Depreciation-Equipment 215,100 Accounts Payable 46,930 Salaries Payable 4,650 Unearned Rent 2,110 Nicole Gorman, Capital 601,760 Nicole Gorman, Drawing 35,200 Service Fees 669,290 Rent Revenue    7,070 Salaries Expense 479,820 Depreciation Expense—Equipment 26,000    Rent Expense 21,800    Supplies Expense 15,440 Utilities...
The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and...
The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company.     Advertising expense $ 26,000 Direct labor $ 675,900 Depreciation expense—Office equipment 11,700 Income taxes expense 238,500 Depreciation expense—Selling equipment 9,800 Indirect labor 55,700 Depreciation expense—Factory equipment 39,800 Miscellaneous production costs 10,300 Factory supervision 137,000 Office salaries expense 67,000 Factory supplies used 8,200 Raw materials purchases 971,000 Factory utilities 42,000 Rent expense—Office space 21,000 Inventories Rent expense—Selling space 28,600...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT