4. Prepare the balance sheet (Classified Format) Note: Use EXCEL then cut/paste picture into WORD. Submit your WORD file in Quiz 1 dropbox. Note: Grading includes proper format, correctly stated balances, completeness, thoroughness, and organization. North Star Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash 200,000 Accounts Receivable 15,000 Allowance for Doubtful Accounts 1,000 Inventory (as of 12/31/18) Supplies 48,000 2,000 Equipment 275,000 Accumulated Deperciation Equipment 180,000 Building 355,000 Accumulated Deperciation - Building 195,000 Land 275,000 Accounts Payable Salaries and Wages Payable 29,500 4,500 Mortgage Payable 125,000 1,000 145,000 Common Par $ 0.01 APIC Retained Earnings Dividends 84,000 Sales Revenue 1,300,000 COGS 293,000 245,000 Selling Expenses Administrative Expenses 286,000 Rent Revenue 15,000 Gain on Sale of Equipment Interest Expense 5,000 9,000 Loss due to Storm Damage 7,000 Income Tax Expense 75,000 $ 2,085,000 $ 2,085,000

4. Prepare the balance sheet (Classified Format) Note: Use EXCEL then cut/paste picture into WORD. Submit your WORD file in Quiz 1 dropbox. Note: Grading includes proper format, correctly stated balances, completeness, thoroughness, and organization. North Star Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash 200,000 Accounts Receivable 15,000 Allowance for Doubtful Accounts 1,000 Inventory (as of 12/31/18) Supplies 48,000 2,000 Equipment 275,000 Accumulated Deperciation Equipment 180,000 Building 355,000 Accumulated Deperciation - Building 195,000 Land 275,000 Accounts Payable Salaries and Wages Payable 29,500 4,500 Mortgage Payable 125,000 1,000 145,000 Common Par $ 0.01 APIC Retained Earnings Dividends 84,000 Sales Revenue 1,300,000 COGS 293,000 245,000 Selling Expenses Administrative Expenses 286,000 Rent Revenue 15,000 Gain on Sale of Equipment Interest Expense 5,000 9,000 Loss due to Storm Damage 7,000 Income Tax Expense 75,000 $ 2,085,000 $ 2,085,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.6P: Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How...

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