Assets: These are the resources owned and controlled by business and used to produce benefits for the company. Assets are classified on the
Classified balance sheet: The main elements of balance sheet assets, liabilities, and
To prepare: Assets section of balance sheet for Company H as at December 31, 2017
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Financial Accounting: Tools for Business Decision Making, 8th Edition
- Review the select information for Bean Superstore and Legumes Plus (industry competitors), and then complete the following. BEAN SUPERSTOREComparative Balance SheetDecember 31, 2017, 2018, and 2019 2019 2018 2017 Assets Cash $345,600 $330,460 $300,000 Accounts Receivable 65,000 60,000 60,000 Inventory 150,830 178,011 155,205 Equipment 100,465 101,202 103,085 Total Assets $661,895 $669,673 $618,290 Liabilities Salaries Payable $90,200 $88,563 $84,209 Accounts Payable 70,000 71,670 69,331 Notes Payable 42,000 50,650 58,250 Equity Common Stock 22,695 20,990 19,200 Retained Earnings 437,000 437,800 387,300 Total Liabilities and Equity $661,895 $669,673 $618,290 LEGUMES PLUSComparative Balance SheetDecember 31, 2017, 2018, and 2019 2019 2018 2017 Assets Cash $407,000 $388,450 $356,367 Accounts Receivable…arrow_forwardThe following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Cash $ 243,100 Accounts Receivable 964,900 Merchandise Inventory 1,788,600 Estimated Returns Inventory 22,500 Office Supplies 19,700 Prepaid Insurance 6,400 Office Equipment 828,400 Accumulated Depreciation-Office Equipment 545,900 Store Equipment 3,593,800 Accumulated Depreciation-Store Equipment 1,829,700 Accounts Payable 360,900 Customer Refunds Payable 22,500 Salaries Payable 41,000 Note Payable (final payment due 2022) 298,000 Kristina Marble, Capital 3,583,500 Kristina Marble, Drawing 102,600 Sales 11,287,400 Cost of Merchandise Sold 7,850,900 Sales Salaries Expense 919,600 Advertising Expense 549,100 Depreciation Expense-Store Equipment 148,000 Miscellaneous Selling Expense 35,500 Office Salaries Expense 644,000 Rent Expense 103,700 Depreciation Expense-Office Equipment 42,000 Insurance…arrow_forwardThe following data are adapted from the financial statements of Betty's Shops, Inc. E (Click the icon to view the data.) Prepare Betty's condensed balance sheet as of December 31, 2018. (Round your answers to the nearest whole dollar.) Betty's Shops, Inc. Balance Sheet December 31, 2018 Assets Data Table Total Current Assets Plant Assets Less: Accumulated Depreciation Total Current Assets $4 978,750 Total Assets Accumulated Depreciation 2,100,000 Liabilities Total Liabilities 1.460,000 Total Current Liabilities Preferred Stock Long-term Liabilities Debt Ratio 73% Total Liabilities Current Ratio 1.45 Stockholders' Equity Stockholders' Equity Print Done Total Liabilities and Stockholders' Equityarrow_forward
- Review the select information for Bean Superstore and Legumes Plus (industry competitors), and then complete the following. BEAN SUPERSTOREComparative Balance SheetDecember 31, 2017, 2018, and 2019 2019 2018 2017 Assets Cash $346,600 $330,460 $300,000 Accounts Receivable 65,000 65,000 59,000 Inventory 145,830 178,011 155,205 Equipment 100,465 101,202 103,085 Total Assets $657,895 $674,673 $617,290 Liabilities Salaries Payable $90,200 $88,563 $84,209 Accounts Payable 70,000 71,670 69,331 Notes Payable 42,000 50,650 58,250 Equity Common Stock 22,695 21,490 19,100 Retained Earnings 433,000 442,300 386,400 Total Liabilities and Equity $657,895 $674,673 $617,290 LEGUMES PLUSComparative Balance SheetDecember 31, 2017, 2018, and 2019 2019 2018 2017 Assets Cash $407,000 $388,450 $356,367 Accounts Receivable…arrow_forwardPharoah Company's current assets at December 31, 2022 are listed below in alphabetical order. Accounts receivable Cash Finished goods inventory Prepaid expenses Raw materials inventory Work in process inventory Current Assets Cash Accounts Receivable V > $45,920 < 68,320 Prepare the current assets section of the company's balance sheet as of the same date. (List Current Assets in order of liquidity 29,120 3,360 24,640 35,840 $ PHAROAH COMPANY Balance Sheet December 31, 2022 $ $arrow_forwardThe following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: 1. Prepare a multiple-step income statement.2. Prepare a statement of owner’s equity.3. Prepare a balance sheet, assuming that the current portion of the note payable is$7,000.4. Briefly explain how multiple-step and single-step income statements differ.arrow_forward
- Using the tabular analysis of business transactions, prepare, in good form, the income statement and balance sheet of IE Company for the year ended December 31, 2022. The balances of specific accounts for IE Company as of December 31, 2021 are presented below. Cash 12,582 Accounts receivable 155,865 Merchandise inventory 184.378 Prepaid asset Land 30,000 500,500 360,000 Building Accum. depn. - building Equipment Accum. depn. - equipment - Accounts payable Accrued expenses Short-tem loan payable Long-tem loan payable Capital stock Retained eamings - 120,000 123,200 12,320 148,756 48,732 80,000 240,000 500,000 216,717 The following transactions occurred in 1. IE Company sold merchandise worth P30,000 at 100% margin. The customer paid in cash. 2. IE Company sold, on credit, merchandise worth P60,000 for P105,000. 3. IE Company bought merchandise worth P50,000 paying 25% in cash and the remainder under credit. 4. IE Company recorded salaries expense amounting to P25,000 in 2022. All but…arrow_forwardThe following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.arrow_forwardBalance sheet preparation Use the appropriate items from the following list to prepare in good form Mellark's Baked Goods balance sheet at the end of the year. Complete the fragment of the balance sheet below ($000): (Select the correct account from the drop-d Mellark's Baked Goods Balance Sheet as of December 31, 2021 Assets Current assets: Total current assets $ $ Data table Accounts payable Accounts receivable Accruals Accumulated depreciation Buildings Cash Common stock (at par) Cost of goods sold Depreciation expense Equipment Furniture and fixtures General expense Inventories Land Long-term debts Machinery Marketable securities Notes payable Paid-in capital in excess of par Preferred stock Retained earnings Sales revenue Vehicles $219 447 51 260 225 217 92 2,503 50 148 166 320 380 95 421 416 76 479 360 96 218 3,567 26 - Xarrow_forward
- The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Cash $ 238,400 Accounts Receivable 960,300 Merchandise Inventory 1,644,400 Estimated Returns Inventory 22,500 Office Supplies 6,500 Prepaid Insurance 3,900 Office Equipment 830,000 Accumulated Depreciation-Office Equipment 545,800 Store Equipment 3,601,100 Accumulated Depreciation-Store Equipment 1,823,000 Accounts Payable 365,400 Customer Refunds Payable 22,500 Salaries Payable 39,900 Note Payable (final payment due 2022) 308,000 Kristina Marble, Capital 3,410,300 Kristina Marble, Drawing 90,600 Sales 11,285,800 Cost of Merchandise Sold 7,857,300 Sales Salaries Expense 904,200 Advertising Expense 555,700 Depreciation Expense-Store Equipment 146,600 Miscellaneous Selling Expense 35,800 Office Salaries Expense 668,700 Rent Expense 96,200 Depreciation Expense-Office Equipment 41,000 Insurance…arrow_forwardGreg Company has provided the following information for the second quarter of the calendar year 2021 (April 1 – June 30). Prepare a multiple-step Income Statement and the Asset section of a classified Balance Sheet, including the correct headings. Specific Account Balance Specific Account Balance Accounts Payable 6,000 Freight-Out 375 Accounts Receivable 6,750 Gain on Sale of PPE 75 Accumulated Depreciation (Buildings) 1,250 Income Tax Expense 1,005 Accumulated Depreciation (Equipment) 1,400 Interest Expense 100 Advertising Expense 850 Inventory 2550 Allowance for Doubtful Accounts 60 Land 2,250 Bad Debt Expense 50 Notes Payable (due December 31, 2021) 3,750 Bank Service Charge Expense 25 Prepaid Advertising 1,500 Bonds Payable (due September 30, 2025) 10,000 Retained Earnings (March 31, 2021) 8,000 Buildings 10,000 Sales Discounts 750 Cash 11,700 Sales Returns &…arrow_forwardOn the Balance Sheet, what would the Total Current Assets be for Lion Consulting? (Note: I am including the Adjusted Trial Balance below in this question to use for questions 18-23 and 40-46, but it would be easier if you refer to the separate file I provided.) Lion Consulting Adjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash 92,000 Accounts Receivable 450,000 Merchandise Inventory 370,000 Estimated Returns Inventory 5,000 Office Supplies 10,000 Prepaid Insurance 12,000 Office Equipment 220,000 Accumulated Depreciation - Office Equip. 58,000 Store Equipment 650,000 Accumulated Depreciation - Store Equip. 87,500 Accounts Payable 38,500 Customer Refunds Payable 10,000 Salaries Payable 4,000 Note Payable (final payment due 2029)* *140,000 M.T. Lion, Capital 431,000 M.T. Lion,…arrow_forward
- Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College