Please help me with correct answer thanku Safety-First Company completed all of its October 31, 2020, adjustments in preparation for preparing its financial statements, whichresulted in the following trial balance.Accounts payableAccounts receivable.Accumulated depreciation, building.Accumulated depreciation, equipmentAccumulated depreciation, furnitureAllowance for doubtful accountsBuilding***CashAccountEquipmentExpenses, including cost of goods soldFurnitureLandMerchandise inventoryNote payableSalesTarifa Sharma, capitalUnearned revenuesAssetLandBuildingEquipmentFurnitureOther information:1. All accounts have normal balances.2. $27,000 of the note payable balance is due by October 31, 2021.Balance$ 11,82020,40079,80038,000700021,5001040940The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule.RecoverableValue$137,000106, 200137,00011,60090,800761,80050,900105,90035,50086,100904,14029,20016,00063,0808,520 2. Prepare a classified balance sheet at October 31, 2020. (Be sure to list the current assets in the order of liquidity and fixed assetsin order of land, building, equipment, and furniture. Enter all amounts as positive values.)Current assets:CashAccounts receivableLess: Allowance for doubtful accountsMerchandise inventoryTotal current assetsProperty, plant and equipment:LandBuildingLess: Accumulated depreciationEquipmentLess: Accumulated depreciationFurnitureLess: Accumulated depreciationTotal property, plant and equipmentTotal assetsCurrent liabilities:SAFETY-FIRST COMPANYBalance SheetOctober 31, 2020AssetsAccounts payableCurrent portion of long-term noteUnearned revenuesTotal current liabilitiesNon-current liabilities:Note payable, less current portionTotal liabilitiesTarifa Sharma, capitalTotal liabilities and equity> Answer is not complete.✓✓$✓›› › › › › ›✓✓$ $ 137,000 ✓79,800✔90,800 x38,000✔50,900 X21,500✔✓ $✓ $$Liabilities333✓ $›>20,400✔940✔Equity✓11,820✔8,520✔$ 11,600✔19,46035,500✔$ 105,90057,20052,80029,400$ 20,340$ 66,560245,300$ 311,860$20,340205,420 x$ 225,760

Lets understand the basics. There are various steps through which financial statement gets prepared.…

Accounts payable Accounts receivable Account Accumulated depreciation, building Accumulated depreciation, equipment Accumulated depreciation, furniture Allowance for doubtful accounts Building Cash Balance $ 11,820 20,400 79,800 38,000 21,500 940 137,000 11,600

Accounts payable Accounts receivable Account Accumulated depreciation, building Accumulated depreciation, equipment Accumulated depreciation, furniture Allowance for doubtful accounts Building Cash Balance $ 11,820 20,400 79,800 38,000 21,500 940 137,000 11,600

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 15PB: Prepare an adjusted trial balance from the following account information, considering the adjustment...

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Safety-First Company completed all of its October 31, 2020, adjustments in preparation for preparing its financial statements, which resulted in the following trial balance. Account Balance Accounts payable $ 11,420 Accounts receivable 20,000 Accumulated depreciation, building 79,400 Accumulated depreciation, equipment 37,600 Accumulated depreciation, furniture 21,100 Allowance for doubtful accounts 900 Building 136,600 Cash 11,200 Equipment 90,400 Expenses, including the cost of goods sold 761,400 Furniture 50,700 Land 105,700 Merchandise inventory 35,300 Note payable 85,900 Sales 904,180 Tarifa Sharma, capital 62,680 Unearned revenues 8,120 Other information: All accounts have normal balances. $26,600 of the note payable balance is due by October 31, 2021. The final task in the year-end process was to assess the assets for impairment, which resulted in the following…
Safety First Company completed all of its October 31,2020 adjustments in preparation for preparing its financial statements which resulted in the following trial balance Other information: All accounts have normal balances $26,400 of the Notes payable balance is due by October 31, 2021 The final task in the year end process was to access the assets for impairment, which resulted in the following schedule Required: Prepare the entries to record any impairment losses at October 31, 2020. Assume the company recorded no impairment losses in the previous years Prepare a classified balance sheet at October 31, 2020 What is the impact on the financial statements of an impairment loss?
NEED ANSWER ASAP At the end of the 2021 year, the accounting staff at Prestige Design Flooring Inc. (PDF) have the followingunadjusted trial balance as at December 31, 2021.Cash 6,700Accounts Receivable 24,327Supplies 4,231Prepaid Insurance 5,700Equipment 896,000Accumulated Depreciation (Equipment) 112,600Other Assets 64,225Accounts Payable 14,327Unearned Service Revenue 16,600Note Payable (due 2026) 80,000Common Shares 289,540Retained Earnings, 12/31/2020 38,454Service Revenue 802,427Wages Expense 131,650Rent Expense 218,415Interest Expense 2,700 Total $1,353,948 $1,353,948The accounting staff have identified the following items where a year end accrual entry may be required.a. PDF purchased 12-month insurance on July 1, 2021. It is reported as prepaid insurance in the trial balanceabove.b. A physical inventory count showed that $690 of office supplies is on hand at year end.c. PDF’s equipment depreciation was $31,980 for the 2021 year.d. An analysis showed the unearned service…