The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y5: Cash $92,000 Gerri Faber, Drawing $300,000 Accounts Receivable 450,000 Sales 8,925,000 Merchandise Inventory 375,000 Cost of Merchandise Sold 5,620,000 Office Supplies 10,000 Sales Salaries Expense 850,000 Prepaid Insurance 12,000 Advertising Expense 420,000 Office Equipment 220,000 Depreciation Expense—Store Equipment 33,000 Accumulated Depreciation—Office Equipment 58,000 Miscellaneous Selling Expense 18,000 Store Equipment 650,000 Office Salaries Expense 540,000 Accumulated Depreciation—Store Equipment 87,500 Rent Expense 48,000 Accounts Payable 38,500 Insurance Expense 24,000 Customer Refunds Payable 10,000 Depreciation Expense—Office Equipment 10,000 Salaries Payable 4,000 Office Supplies Expense 4,000 Note Payable (final payment due in eight years) 140,000 Miscellaneous Administrative Exp. 6,000 Gerri Faber, Capital 431,000 Interest Expense 12,000 Prepare a balance sheet, assuming that the current portion of the note payable is $7,000. Kanpur Co. Balance Sheet June 30, 20Y5 Assets Current assets: $fill in the blank 48 fill in the blank 50 fill in the blank 52 fill in the blank 54 fill in the blank 56 Total current assets $fill in the blank 57 Property, plant, and equipment: $fill in the blank 59 fill in the blank 61 $fill in the blank 62 $fill in the blank 64 fill in the blank 66 fill in the blank 67 Total property, plant, and equipment fill in the blank 68 Total assets $fill in the blank 69 Liabilities Current liabilities: $fill in the blank 71 fill in the blank 73 fill in the blank 75 fill in the blank 77 Total current liabilities $fill in the blank 78 Long-term liabilities: fill in the blank 80 Total liabilities $fill in the blank 81 Owner's equity fill in the blank 83 Total liabilities and owner's equity $fill in the blank 84
The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y5: Cash $92,000 Gerri Faber, Drawing $300,000 Accounts Receivable 450,000 Sales 8,925,000 Merchandise Inventory 375,000 Cost of Merchandise Sold 5,620,000 Office Supplies 10,000 Sales Salaries Expense 850,000 Prepaid Insurance 12,000 Advertising Expense 420,000 Office Equipment 220,000 Depreciation Expense—Store Equipment 33,000 Accumulated Depreciation—Office Equipment 58,000 Miscellaneous Selling Expense 18,000 Store Equipment 650,000 Office Salaries Expense 540,000 Accumulated Depreciation—Store Equipment 87,500 Rent Expense 48,000 Accounts Payable 38,500 Insurance Expense 24,000 Customer Refunds Payable 10,000 Depreciation Expense—Office Equipment 10,000 Salaries Payable 4,000 Office Supplies Expense 4,000 Note Payable (final payment due in eight years) 140,000 Miscellaneous Administrative Exp. 6,000 Gerri Faber, Capital 431,000 Interest Expense 12,000 Prepare a balance sheet, assuming that the current portion of the note payable is $7,000. Kanpur Co. Balance Sheet June 30, 20Y5 Assets Current assets: $fill in the blank 48 fill in the blank 50 fill in the blank 52 fill in the blank 54 fill in the blank 56 Total current assets $fill in the blank 57 Property, plant, and equipment: $fill in the blank 59 fill in the blank 61 $fill in the blank 62 $fill in the blank 64 fill in the blank 66 fill in the blank 67 Total property, plant, and equipment fill in the blank 68 Total assets $fill in the blank 69 Liabilities Current liabilities: $fill in the blank 71 fill in the blank 73 fill in the blank 75 fill in the blank 77 Total current liabilities $fill in the blank 78 Long-term liabilities: fill in the blank 80 Total liabilities $fill in the blank 81 Owner's equity fill in the blank 83 Total liabilities and owner's equity $fill in the blank 84
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...
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The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y5:
Cash | $92,000 | Gerri Faber, Drawing | $300,000 | |
Accounts Receivable | 450,000 | Sales | 8,925,000 | |
Merchandise Inventory | 375,000 | Cost of Merchandise Sold | 5,620,000 | |
Office Supplies | 10,000 | Sales Salaries Expense | 850,000 | |
Prepaid Insurance | 12,000 | Advertising Expense | 420,000 | |
Office Equipment | 220,000 | Depreciation Expense—Store Equipment | 33,000 | |
58,000 | Miscellaneous Selling Expense | 18,000 | ||
Store Equipment | 650,000 | Office Salaries Expense | 540,000 | |
Accumulated Depreciation—Store Equipment | 87,500 | Rent Expense | 48,000 | |
Accounts Payable | 38,500 | Insurance Expense | 24,000 | |
Customer Refunds Payable | 10,000 | Depreciation Expense—Office Equipment | 10,000 | |
Salaries Payable | 4,000 | Office Supplies Expense | 4,000 | |
Note Payable (final payment due in eight years) | 140,000 | Miscellaneous Administrative Exp. | 6,000 | |
Gerri Faber, Capital | 431,000 | Interest Expense | 12,000 |
Prepare a
Kanpur Co. Balance Sheet June 30, 20Y5 |
|||
---|---|---|---|
Assets | |||
Current assets: | |||
|
$fill in the blank 48 | ||
|
fill in the blank 50 | ||
|
fill in the blank 52 | ||
|
fill in the blank 54 | ||
|
fill in the blank 56 | ||
Total current assets | $fill in the blank 57 | ||
Property, plant, and equipment: | |||
|
$fill in the blank 59 | ||
|
fill in the blank 61 | $fill in the blank 62 | |
|
$fill in the blank 64 | ||
|
fill in the blank 66 | fill in the blank 67 | |
Total property, plant, and equipment | fill in the blank 68 | ||
Total assets | $fill in the blank 69 | ||
Liabilities | |||
Current liabilities: | |||
|
$fill in the blank 71 | ||
|
fill in the blank 73 | ||
|
fill in the blank 75 | ||
|
fill in the blank 77 | ||
Total current liabilities | $fill in the blank 78 | ||
Long-term liabilities: | |||
|
fill in the blank 80 | ||
Total liabilities | $fill in the blank 81 | ||
Owner's equity | |||
|
fill in the blank 83 | ||
Total liabilities and owner's equity | $fill in the blank 84 |
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