From the following, prepare a classified balance sheet for Ranger Company as of December 31, 2015....

From the following, prepare a classified balance sheet for Ranger Company as of December 31, 2015. Ending merchandise inventory was $4,000 for the year.


Cash	$	6,000	Accounts payable	$	1,800
Prepaid rent		1,600	Salaries payable		1,600
Prepaid insurance		4,000	Note payable (long term)		8,000
Office equipment (net)		5,000	J. Lowell, capital*		9,200

*What the owner supplies to the business. Replaces common stock and retained earnings section.

RANGER COMPANY Balance Sheet December 31, 2015
Assets			Liabilities
Current assets:			Current liabilities:
(Click to select)Accounts payableSalaries payablePrepaid rentMerchandise inventoryCashJ. Lowell, capitalPrepaid insuranceOffice equipment (net)Notes payable	$		(Click to select)Accounts payableCashJ. Lowell, capitalOffice equipment (net)Prepaid insuranceSalaries payablePrepaid rentNote payableMerchandise inventory	$
(Click to select)CashOffice equipment (net)Merchandise inventoryNotes payablePrepaid insurancePrepaid rentJ. Lowell, capitalSalaries payableAccounts payable			(Click to select)Salaries payableNote payableJ. Lowell, capitalOffice equipment (net)CashPrepaid insurancePrepaid rentMerchandise inventoryAccounts payable
(Click to select)Prepaid insuranceOffice equipment (net)Salaries payableAccounts payableCashNotes payablePrepaid rentJ. Lowell, capitalMerchandise inventory
(Click to select)Office equipment (net)Salaries payableNotes payableCashJ. Lowell, capitalPrepaid rentAccounts payablePrepaid insuranceMerchandise inventory			Total current liabilities		$
			Long-term liabilities:
Total current assets		$	(Click to select)Prepaid rentCashNotes payableOffice equipment (net)Prepaid insuranceSalaries payableMerchandise inventoryAccounts payableJ. Lowell, capital
Plant and equipment:			Total liabilities
(Click to select)Office equipment (net)Prepaid insuranceJ. Lowell, capitalAccounts payableCashMerchandise inventoryPrepaid rentSalaries payableNote payable					$
			Owner’s Equity
			(Click to select)Accounts payableSalaries payableJ. Lowell, capitalPrepaid rentMerchandise inventoryCashOffice equipment (net)Prepaid insuranceNote payable

Total assets		$	Total liabilities and owner’s equity		$

Expert Solution

Ans.	RANGER COMPANY
	Balance Sheet
	31 December, 2015
	Assets	Amt.($)	Amt.($)	Liabilities	Amt.($)	Amt.($)
	Current Assets:			Current Liabilities:
	Cash	6,000		Accounts Payable	1,800
	Prepaid Rent	1,600		Salaries Payable	1,600
	Prepaid Insurance	4,000		Total Current Liabilities		3,400
	Merchandise Inventory	4,000
	Total Current Assets		15,600	Long Term Liabilities:
				Notes Payable (Long Term)		8,000
	Plant and Equipment:			Total Liabilities		11,400
	Office Equipment (net)		5,000
				Owners Equity:
				J.Lowell Capital		9,200

	Total Assets		$ 20,600	Total Liabilities and Owners' equity		$ 20,600

ekkarill92 answered 2 years ago

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