Part VI Impact of Operations of Balance Sheet (24 points) Below plcase find the

Question

Part VI Impact of Operations of Balance Sheet (24 points) Below plcase find the Balance Sheet for Big Jane's Warehouse of 11/30/17 and a list of December transactions. Using this information please answer the questions which follow (6) Cash balance at December 31 2000(2) Notes Payable at December 31 (4) Uncarned Rent at December 31 (after adjustments) l00 a) Accounts Receivable at December 31 (10) Retained Earnings at December 31 (after closing entries!) Big Jane's Warehouse Balance Sheet as of 11/30/17 Liabilities and Owner's Equity Assets Cash Accounts Receivable 3,000 Unearned Rent, current 1,000 s 1,400 1,400 Accounts Payable Warehouse, Net of Pr Note payable, long term 2,000 2,000 4,800 12,800 depreciation Common stock Retained earnings $12, 800 Transactions for December: a. Received payment for rental of warehouse for the month January, February (monthly rental charge is $1,000) $2.000 Collection of Accounts Receivable.. 400 cA Made payment to Bank 500 (All S500 was for interest expense on note - did not reduce amount owed) Board of Directors declared dividend on December 24 (Merry Christmas... 1,000 Additional information 1. No bad debts (wow) 2. Depreciation for December was $600

Explanation / Answer

Answer a. Cash Beg. Bal.    1,400.00       500.00 Interest Exp. Unearned Rent    2,000.00 A/R - Cash Recd       400.00 End. Bal.    3,300.00 Cash Balance at Dec 31 - $3,300 Answer b. Notes Payable at Dec 31 - $2,000 Answer c. Unearned Rent at Dec 31 = $2,000 Unearned Rent Beg. Bal.    1,000.00 Adj. - Rent - Dec    1,000.00    2,000.00 Cash Recd End. Bal.    2,000.00 . Answer d. Accounts Receivable Beg. Bal.    1,400.00       400.00 Cash recd. End. Bal.    1,000.00 Accounts Receivable at Dec 31 = $1,000 Answer e. Net Income (Loss) - Dec = $1,000 (Rental Income) - $500 (Interest Exp.) - $600 (Dep.) Net Income (Loss) - Dec = ($100) Retained Earning at Dec 31 = $4,800 (Beg. Bal.) - $100 (Net Loss) - $1,000 (Dividend declared) Retained Earning at Dec 31 = $3,700

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