Please, I need correct answers and clear explanation. Thanks. Prepare a classifi

Question

Please, I need correct answers and clear explanation. Thanks.

Prepare a classified statement of financial position as at December 31, 2016. The note payable is due in 6 months. (List Current Assets in order of liquidity. List Capital Assets in order of Buildings and Land.)

list of accounts are:

Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Accumulated Depreciation-Vehicles
Advertising Expense
Buildings
Cash
Common Shares
Cost of Goods Sold
Depreciation Expense
Dividends Payable
Equipment
Income Tax Payable
Interest Expense
Interest Payable
Inventory
Land
Miscellaneous Expense
Notes Payable
Operating Expense
Other Expenses
Prepaid Insurance
Prepaid Rent
Rent Expense
Rent Revenue
Retained Earnings
Selling and Administrative Expenses
Supplies Expense
Wages Payable
Wages Expense
Advances to Employees
Bank Loan Payable
Deposits
Dividend Revenue
Dividends Declared
Income Tax Expense
Income Summary
Insurance Expense
Interest Revenue
Interest Receivable
License Expense
Long-Term Investments
Mortgage Payable
No Entry
Notes Receivable
Supplies
Prepaid Expenses
Prepaid License
Prepaid Property Tax
Property Tax Expense
Repair and Maintenance Expense
Salaries Payable
Salaries Expense
Sales Revenue
Service Revenue
Short-Term Investments
Telephone Expense
Unearned Rent Revenue
Unearned Revenue
Utilities Expense
Vehicles

Your assistant prepared the following adjusted trial balance data for Commerce Company on December 31, 2016. The accounts are arranged in alphabetical order. $70,000 11,100 $40,000 Land Accounts Payable Accounts Receivable Accumulated Depreciation Buildings 19,700 Miscellaneous Expenses 13,000 Building Cash Common Shares Cost of Goods Sold Depreciation Expense Dividends Declared Dividends Payable Income Tax Expense Income Tax Payable Insurance Expense Interest Expense Interest Payable Inventory 67,900 Long-Term Investment 44,000 15,000 500 32,500 179,800 26,600 92,100 800 2,200 1,500 2,400 59,700 3,000 72,000 Mortgage Payable 24,400 Notes Payable 85,000 Prepaid Expenses 110,000 Retained Earnings 4,500 Sales Revenue 12,700 Selling Expenses 4,200 Service Revenue 8,000 Supplies 2,000 Supplies Expense 1,400 Unearned Revenue 1,700 Utilities Expense 300 Wages Expense 30,200 Wages Payable

Explanation / Answer

Income Statement: Sales revenue 179800 service revenue 92100 Total revenue 271900 COGS 110000 Gross Profit 161900 Depreciation 4500 Insuran 1400 Interest 1700 Miscel. 13000 Selling 26600 supplies 2200 Utilities 2400 wages 59700 Total expenses 111500 Income before tax 50400 Less: Tax: Income Tax exp 8000    Net Income 42400   Balance Sheet: Assets: Cash 24400 AR 67900 Inventory 30200 Prepaid exp 500 Supplies 800 Current Assets 123800 LT Investment 11100 Land 70000 Building 72000 Acc dep-building -19700 Total Assets 257200 Liabilities and SH equity: AP 40000 Dividend payable 4200 Inc Tax payable 2000 Interest payable 300 Wages payable 3000 Current Liabilities 49500 Unearned Revenue 1500 Notes payable 15000 Mortgage payable 44000 Shareholder' Equity: Common Stock 85000 RE: 32500 Less: dividend -12700 Add: Net Income 42400   Shareholder' Equity: 147200 Total Liabilities and SH Eq.: 257200

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---