The options for the other rows: Accounts Payable Cash Common Stock Equipment Lan
ID: 2524342 • Letter: T
Question
The options for the other rows:Accounts Payable Cash Common Stock Equipment Land Note Payable (long-term) Retained Earnings Supplies Salaries and Wages Payable Accounts Payable Cash Common Stock Equipment Land Note Payable (long-term) Retained Earnings Supplies Salaries and Wages Payable
M2-21 Ordering Current Assets and Current Liabilities within a Classified Balance Sheet [LO 2-4] Charlie's Crispy Chicken (CCC) operates a fast-food restaurant. When accounting for its first year of business, CCC created several accounts. Description Account Name Balance Accounts Payable Cash Common Stock Equipment Land Note Payable (long-term) Retained Earnings Supplies Salaries and Wages Payable 3,000 Payment is due in 30 days 2,950 Includes cash in register and in bank account 37,000 Stock issued in exchange for owners' contributions 50,000 Includes deep fryers, microwaves, dishwasher, etc 23,900 Held for future site of new restaurant 35,000 Payment is due in six years 4,000 Total eamings through September 30 2,400 Includes serving trays, condiment dispensers, etc. 250 Payment is due in 7 days
Explanation / Answer
Charlie's Crispy Chicken
Balance Sheet
As on ...
Assets $ $ Current Assets Cash 2,950 Supplies 2,400 Total Current Assets 5,350 Property Plant and Equipment Equipment 50,000 Land 23,900 Total Property, Plant and Equipment 73,900 Total Assets 79,250 Liabilities and Stockholders' Equity $ Current Liabilities Accounts Payable 3,000 Salaries and Wages Payable 250 Total Current Liabilities 3,250 Long Term Liabilities Notes Payable 35,000 Total Liabilities 38,250 Stockholders' Equity Common Stock 37,000 Retained Earnings 4,000 Total Stockholders' Equity 41,000 Total Liabilities and Stockholders' Equity 79,250