Prepare a balance sheet. Adjusted trail balance Carry over the balances, after c
ID: 2329886 • Letter: P
Question
Prepare a balance sheet.
Adjusted trail balance Carry over the balances, after closing entries, to the Post Closing Trial Balance. Only permanent accounts should have balances. Adjusted Trial Balance Trial Balance Adjusting Entries Income Statement Balance Sheet Ref Account Titles Cash Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Prepaid Rent Ref Cr. Db Db 54500 54500 1380 880 3800 8000 6400 54500 44620 880 5800 24000 6400 75000 150000 52500 500 500 880 5800 32000 12800 75000 150000 6400 75000 150000 Buildings Accum. Depreciation-Bldgs 45000 7500 52500 90000 Accum. Depreciation-Equip 36000 9000 45000 45000 360000 67000 360000 360000 Patents Accounts Payable Unearned Revenue Interest Payable Salaries and Wages Payable Mortgage Payable Common Stock (S1 par) Paid in Capital in Excess of par-CS Dividends Retained Earnings 67000 67000 34000 5950 855 3200 48000 34000 5950 855 3200 48000 34000 8500 2550 855 3200 48000 25000 25000 27530 15000 15000 15000 422725 422725 422725Explanation / Answer
Prepare balance sheet
Assets Current assets Cash 54500 Account receivable 44620 Allowance for doubtful accounts 880 45500 Supplies 5800 Prepaid insurance 24000 Prepaid rent 6400 Total current assets 136200 Non curernt assets Land 75000 Building 150000 Less: Accumlated depreciation-Building -52500 97500 Equipment 90000 Less: Accumlated depreciation equipment -45000 45000 Total Non current assets 217500 Other assets Goodwill 360000 Patents 67000 Total other assets 427000 Total assets 780700 Liabilities and stockholder's equity Current liabilities Account payable 34000 Unearned revenue 5950 Interest payable 855 Salaries and wages payable 3200 Total Current liabilites 44005 Long term liabilities Mortgage payable 48000 Total long term liabilities 48000 Total liabilities 92005 Stockholder's equity Common Stock 127530 Retained earnings 561165 Total Stockholder's equity 688695 Total liabilities and stockholder's equity 780700