Question

Accounts payable	$       40,000
Accounts receivable	33,000
Accumulated depreciation—buildings	25,000
Accumulated depreciation—equipment	20,000
Advertising Expense	4,500
Bonds payable, due December 31, 2024	260,000
Buildings	180,000
Capital stock, $1 par value	220,000
Cash	92,120
Commission Expense	8,400
Cost of Goods Sold	31,480
Depreciation Office	2,970
Equipment	75,500
Income Tax Expense	7,150
Income taxes payable	3,860
Insurance Expense Sales Auto	3,200
Interest Expense	1,550
Interest payable	890
Interest Revenue	1,900
Inventory	74,000
Land	240,000
Notes payable, due April 15, 2020	7,000
Office supplies	350
Paid-in capital in excess of par value	100,000
Prepaid expenses	5,000
Rent Expense - Office	2,850
Retained earnings	63,020
Salaries & Wages - Office	6,980
Salaries & Wages - Sales	12,580
Salaries payable	5,200
Sales Revenue	95,890
Supplies Expense - Office	990
Trademark	45,000

2. Complete Multistep Balance Sheet

Assets

Current assets:

Total current assets

Property, plant, and equipment:

Total property, plant, and equipment

Intangible assets:

Total assets

Liabilities

Current liabilities:

Total current liabilities

Long-term debt:

Total liabilities

Stockholders’ Equity

Contributed capital:

Total contributed capital

Total stockholders’ equity

Total liabilities and stockholders’ equity

Answer 1

BALANCE SHEET
ASSETS	AMOUNT	AMOUNT
CURRENT ASSETS:
Cash	$               92,120
Account Receivable	$               33,000
Inventory	$               74,000
Office Supplies	$                     350
Prepaid expenses	$                 5,000
Total Current Assets		$          2,04,470
FIXED ASSETS:
Equipment                                                                                                $ 75,500
Less : Accumulated Depreciation - Equipment                          $ 20,000	$               55,500
Building                                                                                                       $ 180,000
Less: Accumulated Depreciation                                                       $ 25,000	$           1,55,000
Land	$           2,40,000
Total Property, Plant and Equipment		$          4,50,500
Intangible Assets:
Trademark		$             45,000
TOTAL OF ASSETS		$          6,99,970
LIABILITIES & SHAREHOLDER'S EQUITY	AMOUNT	AMOUNT
CURRENT LIABILITIES:
Account Payable	$               40,000
Income Tax Payable	$                 3,860
Interest Payable	$                     890
Note Payable	$                 7,000
Salaries Payable	$                 5,200
Total Current Liabilities		$             56,950
Long Term Debt:
Bonds Payable		$          2,60,000
Total Liabilities		$          3,16,950
SHAREHOLDER'S EQUITY
Capital Stock , $ 1 Par Value	$           2,20,000
Paid in Capital in Excess of par	$           1,00,000
Retained Earnings	$               63,020
Total Stockholder's Equity		$          3,83,020
TOTAL OF LIABILITES & SAHREHOLDER'S EQUITY		$          6,99,970