Question

In: Accounting

The following accounts appeared on the trial balance of Ewana Company at December 31, 2020. Notes...

The following accounts appeared on the trial balance of Ewana Company at December 31, 2020.

Notes Payable (short-term)	$192,000	Accounts Receivable	$518,400
Accumulated Depreciation - Bldg.	783,000	Prepaid Insurance	56,250
Supplies	37,800
Salaries and Wages Payable	34,200	Common Stock	1,125,000
Debt Investments (long-term)	281,400	Unappropriated Retained Earnings	318,000
Cash	170,250	Inventory	1,580,250
Bonds Payable Due 1/1/2025	1,200,000	Land	465,000
Allowance for Doubtful Accts.	7,800	Trading Securities	73,200
Copyrights	192,900	Interest Payable	5,700
Notes Receivable (due in 6 months)	138,000	Buildings	1,926,000
Income Taxes Payable	156,000	Accounts Payable	409,950
Preferred Stock	750,000	Additional Paid-in Capital	163,800
Appropriated Retained Earnings	294,000

Instructions: Compute each of the following. You must show your work.

1. Total current assets

2. Total property, plant, and equipment

3. Total assets

4. Total current liabilities

5. Total stockholders’ equity

Expert Solution

Requirement 1: Total Current assets

Supplies 37,800

Cash 170,250

Notes receivable (due in 6 months) 138,000

Accounts receivables 518,400

Prepaid insurance 56,250

Inventory 15,80,250

Trading securities 73,200

Debt investment 281,400

27,82,350 A) Total current assets

Requirement 2: Total Property,plant and equipment

Land 465,000

Buildings 19,26,000

Less:Accumulated depreciation (783,000) 11,43,000

Copy rights 192,900

B) TOTAL 18,00,900

Requirement 3: Total assets

Total current assets 27,82,350

Total property plant & equipment 18,00,900

C)Total assets (A+B) 45,83,250

Requirement 4: Total current liabilities

Notes payable 192,000

Salary and wages payable 34,200

Income tax payable 156,000

Interest payable 5,700

Accounts payable 409,950

D) TOTAL 797,850

Requirement:5 Total stock holder's equity

Prefered stock 750,000

Apropriared retained earnings 294,000

Common stock 11,25,000

Un apropriated retained earnings 318,000

Additional paid - in capital 163,800

E) TOTAL 26,50,800

ekkarill92 answered 2 years ago

The following accounts appeared on the trail balance of Elbert Company at December 31, 2019. Notes...

The following accounts appeared on the trail balance of Elbert Company at December 31, 2019. Notes Payable (short-term) $192,000 Accounts Receivable $518,400 Accumulated Depreciation - Bldg. 783,000 Prepaid Insurance 56,250 Supplies 37,800 Preferred Stock 750,000 Salaries and Wages Payable 34,200 Common Stock 1,125,000 Debt Investments (long-term) 281,400 Inventory 1,580,250 Cash 170,250 Land 465,000 Bonds Payable Due 1/1/2025 1,200,000 Trading Securities 73,200 Allowance for Doubtful Accts. 7,800 Interest Payable 5,700 Copyrights 192,900 Buildings 1,926 Notes Receivable (due in 6 months) 138,000...

The following list of accounts is taken from the December 31, 2020, unadjusted trial balance of...

The following list of accounts is taken from the December 31, 2020, unadjusted trial balance of Perdu Sales, a business that is owned by Eldon Perdu. Debit Credit Cash $ 8,000 Merchandise inventory 9,800 Prepaid selling expense 8,000 Store equipment 40,000 Accumulated depreciation, store equipment $ 9,800 Accounts payable 14,840 Salaries payable 0 Eldon Perdu, capital 25,360 Eldon Perdu, withdrawals 3,600 Sales 858,000 Sales returns and allowances 33,000 Sales discounts 8,000 Cost of goods sold 431,000 Sales salaries expense 94,000...

The adjusted trial balance for Wildhorse Bowling Alley at December 31, 2020, contains the following accounts....

The adjusted trial balance for Wildhorse Bowling Alley at December 31, 2020, contains the following accounts. Debits Credits Buildings $127,000 Owner’s Capital $118,900 Accounts Receivable 15,000 Accumulated Depreciation—Buildings 42,400 Prepaid Insurance 4,900 Accounts Payable 11,800 Cash 19,100 Notes Payable 96,800 Equipment 62,400 Accumulated Depreciation—Equipment 17,700 Land 68,200 Interest Payable 3,000 Insurance Expense 500 Service Revenue 15,500 Depreciation Expense 6,500 Interest Expense 2,500 $306,100 $306,100 (a) Prepare a classified balance sheet; assume that $29,900 of the note payable will be...

Q1. The trial balance of Norr Ltd at 31 December 20X7 appeared as follows: £ £...

Q1. The trial balance of Norr Ltd at 31 December 20X7 appeared as follows: £ £ Ordinary shares of £1 - fully paid 50,000 Purchases 220,000 Retained profit 30,000 Freehold property - cost 80,000 Fixtures - cost 15,000 Fixtures - accumulated depreciation 9,000 Rates 3,000 Motor vehicles - cost 28,000 Motor vehicles - accumulated depreciation 14,000 Insurance 2,000 Inventory 40,000 Trade receivables 30,000 Trade payables 24,000 Sales 310,000 Bank 12,100 12% debentures 40,000 Debenture interest 2,400 Wages and salaries 34,000...

The unadjusted trial balance of Imagine Ltd., a private company following ASPE, at December 31, 2020...

The unadjusted trial balance of Imagine Ltd., a private company following ASPE, at December 31, 2020 is as follows: Debit Credit Cash $10,850 Accounts receivable 56,500 Allowance for doubtful accounts $750 FV-NI investments 8,600 Inventory 58,000 Prepaid insurance 2,940 Prepaid rent 13,200 FV-OCI investments 14,000 Bond investment at amortized cost 18,000 Land 10,000 Equipment 104,000 Accumulated depreciation—equipment 18,000 Accounts payable 9,310 Bonds payable 50,000 Common shares 100,000 Retained earnings 103,260 Sales revenue 223,310 Rent revenue 10,200 Purchases 170,000 Purchase discounts...

The adjusted trial balance of Jesper Company at December 31, 2008 includes the following accounts: L....

The adjusted trial balance of Jesper Company at December 31, 2008 includes the following accounts: L. Jesper, Capital $12600; L. Jesper, Drawing $6000; Service revenue $35000; Salaries expense $13000; Insurance expense $2000; Rent expense $3500; Supplies Expense $500; and Depreciation Expense $1000. Prepare an owner's equity statement for the year.

The following selected accounts appeared in the unadjusted trial balance of Hawthorne Industries: - Accounts Receivable...

The following selected accounts appeared in the unadjusted trial balance of Hawthorne Industries: - Accounts Receivable $176,000 Prepaid Rent 69,000 Prepaid Insurance 36,000 Equipment 280,000 Accumulated depreciation - equipment 30,000 Unearned Service Revenue 24,000 Salary Expense 130,000 Additional data: One-half of the revenue received in advance has been earned by December 31, 2019 The prepaid insurance represents three years premium on a policy providing coverage starting September 1, 2019 Since the last payday, employees have earned...

The adjusted trial balance of Monona Inc. as of December 31, 2020, follows. Adjusted Trial Balance...

The adjusted trial balance of Monona Inc. as of December 31, 2020, follows. Adjusted Trial Balance December 31, 2020 Acct. No. Account Debit Credit 100 Cash $18,000 $ 104 Accounts receivable 35,000 105 Allowance for doubtful accounts 1,775 106 Inventory 40,000 108 Prepaid insurance 2,400 150 Land 5,725 155 Building 100,000 156 Equipment 30,000 162 Accumulated depreciation 6,250 202 Accounts payable 37,500 204 Salaries payable 2,250 208 Deferred service revenue 1,000 210 Interest payable 250 240 Note payable 75,000 302...

Galarus company had the following trial balance as of December 31, 2019 Galarus Company Trial Balance...

Galarus company had the following trial balance as of December 31, 2019 Galarus Company Trial Balance December 31, 2019 Accounts Debit Credit 10,600 Accounts receivable 13,200 Supplies 2,400 Prepaid Insurance 1,500 Equipment 38,500 Accumulated depreciation - Equipment 8,300 Accounts payable 2,500 Unearned service revenue 8,900 Common stock 15,000 Retained earnings 10,100 Service revenue 35,000 Salary expense 11,200 Advertising expense 2,400 79,800 79,800 Additional information: Supplies used during the month, $450 Prepaid insurance expired during the month, $300 Depreciation on equipment...

The following is the Easton Company adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...

The following is the Easton Company adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,400 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 881,105 Interest Income 5,500 Dividends 9,000 Rent Expense 59,500 Wages Expense 529,000 Supplies Expense 42,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________ Totals $1,530,565 $1,530,565 Use this information to prepare the Single-Step Income Statement for the...