Form a Balance Sheet. I\'ve posted this question 3 times, and have gotten no hel
ID: 2516619 • Letter: F
Question
Form a Balance Sheet. I've posted this question 3 times, and have gotten no help. That has wasted 3 of my questions.
ABC Corporation Adjusted Trial Balance December 31, 2016 Debit Credit Cash $ 834,544 Accounts Receivable 442,120 Allowance for doubtful accounts 75,000 Inventory 70,000 Allowance to Reduce Inventory to NRV 16,000 Prepaid Insurance 4,500 Land 88,000 Building 37,500 Accumulated depreciation: building 1,265 Equipment 21,600 Accumulated depreciation: equipment 9,900 Patent 45,000 Accounts Payable 88,851 Interest Payable 35,000 Income taxes payable 37,221 Wages payable 4,000 Unearned rent revenue 9,000 Bonds payable 700,000 Premium on Bonds payable 52,045 Common stock 135,000 PIC in Excess of Par- Common Stock 130,000 Paid in Capital- Treasury Stock 6,000 Retained earnings Treasury stock 10,000 Dividends 28,000 Sales Revenue 790,000 Rent Revenue 4,500 Purchases 177,000 Wages expense 66,150 Bad debt expense 75,000 Office expense 28,500 Insurance expense 22,500 Advertising expense 9,240 Depreciation expense 11,165 Interest expense 31,171 Loss on inventory 16,000 Utilities expense 33,571 Impairment loss expense 5,000 Income taxes expense 37,221 Total 2,093,782 2,093,782Explanation / Answer
Liabilities
Amount
Assets
Amount
Bonds payable
700,000
Land
88,000
Premium on Bonds payable
52,045
Building
37,500
Non current laibilities
752,045
Less : Accumalated Dep
- 1,265
36,235
Accounts Payable
88,851
Equipment
21,600
Interest Payable
35,000
Less : Accumalated Dep
- 9,900
11,700
Income taxes payable
37,221
Patent
45,000
Wages payable
4,000
Treasury stock
10,000
Unearned rent revenue
9,000
Dividends
28,000
Current liabilities
174,072
Cash
834,544
Common stock
135,000
Accounts Receivable
442,120
PIC in Excess of Par- Common Stock
130,000
Less: Allowance for doubtful accounts
- 75,000
367,120
Paid in Capital- Treasury Stock
6,000
Inventory
70,000
Profit for the year*
281,982
Less: Allowance to Reduce Inventory to NRV
- 16,000
54,000
Equity
552,982
Prepaid Insurance
4,500
Current assets
1,260,164
Total Equity and liabilities
1,479,099
Total Assets
1,479,099
Profit and loss*
Amount
Sales Revenue
790,000
Rent Revenue
4,500
Revenue
794,500
Purchases
- 177,000
Wages expense
- 66,150
Bad debt expense
- 75,000
Office expense
- 28,500
Insurance expense
- 22,500
Advertising expense
- 9,240
Depreciation expense
- 11,165
Interest expense
- 31,171
Loss on inventory
- 16,000
Utilities expense
- 33,571
Impairment loss expense
- 5,000
Income taxes expense
- 37,221
Total cost
- 512,518
Profit
281,982
Liabilities
Amount
Assets
Amount
Bonds payable
700,000
Land
88,000
Premium on Bonds payable
52,045
Building
37,500
Non current laibilities
752,045
Less : Accumalated Dep
- 1,265
36,235
Accounts Payable
88,851
Equipment
21,600
Interest Payable
35,000
Less : Accumalated Dep
- 9,900
11,700
Income taxes payable
37,221
Patent
45,000
Wages payable
4,000
Treasury stock
10,000
Unearned rent revenue
9,000
Dividends
28,000
Current liabilities
174,072
Cash
834,544
Common stock
135,000
Accounts Receivable
442,120
PIC in Excess of Par- Common Stock
130,000
Less: Allowance for doubtful accounts
- 75,000
367,120
Paid in Capital- Treasury Stock
6,000
Inventory
70,000
Profit for the year*
281,982
Less: Allowance to Reduce Inventory to NRV
- 16,000
54,000
Equity
552,982
Prepaid Insurance
4,500
Current assets
1,260,164
Total Equity and liabilities
1,479,099
Total Assets
1,479,099