3 CashAccounts Receivable0 Inventory1 Land2 Building3 Building - Accumulated depreciation4 Equipment5 Equipment - Accumulated depreciation6 Accounts Payable7 Sales Tax Payable8 Long-term Debt9 Common SharesO Retained Earnings1 Sales Revenue2 Gain on sale of equipment3 Interest Revenue4 Rent Expense5 Wages Expense6 Advertising Expense7 Other ExpensesInterest ExpenseIncome Tax Expense0 TOTALS2 REQUIRED3456789-0$$Y5166,884 $ 56,120141,145126,31474,69068,941225,000125,000450,000450,000150,000125,000305,000250,00082,00075,00084,1021,539250,000100,00060,908915,87490,1172,984280,000150,000 -290,734 -1,038,8741,06756,944569,43722,65056,9445,69411,389In good form - prepare for Y5:Income Statement (single step)Balance Sheet (not classified)Statement of Retained EarningsStatement of Cash Flow (indirect method)Y40 $10,26325,963458,96016,55936,5995,6412,589ADDITIONAL INFORMATION - For Y5Equipment was purchased for cashEquipment with a cost of $20,000and accumulated depreciation of $9,000 was soldDividends were declared and paidDepreciation expense is included in Other ExpensesLand was purchased for cash

Explanation - There are three statements of the organization which show different accounting…

Cash Accounts Receivable Inventory Land Building Building - Accumulated depreciation Equipment Equipment - Accumulated depreciation Accounts Payable Sales Tax Payable Long-term Debt Common Shares Retained Earnings Sales Revenue Gain on sale of equipment Interest Revenue Rent Expense Wages Expense Advertising Expense Other Expenses Interest Expense Income Tax Expense TOTALS REQUIRED $ es $ Y5 166,884 $ 141,145 74,690 225,000 450,000 150,000 305,000 82,000 90,117 2,984 280,000 150,000 290,734 1,038,874 1,067 56,944 569,437 22,650 56,944 5,694 11,389 In good form - prepare for Y5: Income Statement (single step) Balance Sheet (not classified) Statement of Retained Earnings Statement of Cash Flow (indirect method) 0 $ Y4 56,120 126,314 68,941 125,000 450,000 125,000 250,000 75,000 84,102 1,539 250,000 100,000 60,908 915,874 10,263 25,963 458,960 16,559 36,599 5,641 2,589 ADDITIONAL INFORMATION - For Y5 Equipment was purchased for cash Equipment with a cost of $20,000 and accumulated depreciation of $9,000 was sold Dividends were declared and paid Depreciation expense is included in Other Expenses Land was purchased for cash

Cash Accounts Receivable Inventory Land Building Building - Accumulated depreciation Equipment Equipment - Accumulated depreciation Accounts Payable Sales Tax Payable Long-term Debt Common Shares Retained Earnings Sales Revenue Gain on sale of equipment Interest Revenue Rent Expense Wages Expense Advertising Expense Other Expenses Interest Expense Income Tax Expense TOTALS REQUIRED $ es $ Y5 166,884 $ 141,145 74,690 225,000 450,000 150,000 305,000 82,000 90,117 2,984 280,000 150,000 290,734 1,038,874 1,067 56,944 569,437 22,650 56,944 5,694 11,389 In good form - prepare for Y5: Income Statement (single step) Balance Sheet (not classified) Statement of Retained Earnings Statement of Cash Flow (indirect method) 0 $ Y4 56,120 126,314 68,941 125,000 450,000 125,000 250,000 75,000 84,102 1,539 250,000 100,000 60,908 915,874 10,263 25,963 458,960 16,559 36,599 5,641 2,589 ADDITIONAL INFORMATION - For Y5 Equipment was purchased for cash Equipment with a cost of $20,000 and accumulated depreciation of $9,000 was sold Dividends were declared and paid Depreciation expense is included in Other Expenses Land was purchased for cash

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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