In: Accounting
Use the following Adjusted Trial Balance, make a classified balance sheet.
Carters Used Cars
ADJUSTED TRIAL BALANCE
April 31, 2016
Account Debit Credit
Cash $ 20,000 $
Accounts Receivables 50,000
Allowance for Bad Debts 2,000
Inventory 30,000
Supplies 1,000
Building 250,000
Accumulated Depr.-Building 80,000
Equipment 70,000
Accumulated Depr.- Equipment 60,000
Patents 70,000
Accounts Payable 30,000
Notes Payable (due in 6 months) 5,000
Mortgage Payable (10 years, next yr due = 20,000) 200,000
Common Stock ($1 par) 25,000
Paid in Capital in Excess of Par 15,000
Retained Earnings 49,000
Sales 107,000
Cost of Goods Sold 40,000
Rent Expense 10,000
Wages Expense 20,000
Other Expense 12,000
Totals $573,000 $573,000
======== ========
Common Stock: Authorized: 100,000 shares, Issued and Outstanding: 25,000 shares
Sales | $ 107,000 | |
Less: Expenses | ||
Cost of goods sold | $ 40,000 | |
Rent expense | $ 10,000 | |
Wage expense | $ 20,000 | |
Other expense | $ 12,000 | |
Total expense | $ 82,000 | |
Net income | $ 25,000 |
CARTER USED CARS | |||
Classified balance sheet | |||
As of April 31, 2016 | |||
Assets | |||
Current assets | |||
Cash | $ 20,000 | ||
Accounts Receivable | $ 50,000 | ||
Less: Allowance for doubtful accounts | $ (2,000) | ||
Accounts Receivable (net) | $ 48,000 | ||
Inventories | $ 30,000 | ||
Supplies | $ 1,000 | ||
Total Current assets | $ 99,000 | ||
Property, Plant and Equipment | |||
Building | $ 250,000 | ||
Less: Accumulated depreciation - Building | $ (80,000) | $ 170,000 | |
Equipment | $ 70,000 | ||
Less: Accumulated depreciation - Equipment | $ (60,000) | $ 10,000 | |
Net Property, Plant and equipment | $ 180,000 | ||
Intangible assets | |||
Patents (net) | $ 70,000 | ||
Total Assets | $ 349,000 | ||
Liabilities | |||
Current Liabilities | |||
Accounts Payable | $ 30,000 | ||
Note payable | $ 5,000 | ||
Total Current Liabilities | $ 35,000 | ||
Long term liabilities | |||
Mortgage payable | $ 200,000 | ||
Stockholders' equity | |||
Common stock ($1 par, 100,000 shares authorized and 25,000 shares issued and outstanding) | $ 25,000 | ||
Paid in capital in excess of par | $ 15,000 | ||
Retained earnings ($25,000+$49,000) | $ 74,000 | ||
Total Stockholders' equity | $ 114,000 | ||
Total Liabilities and stockholders' equity | $ 349,000 |
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