Chapter 15 Activity: Balance It!! NOTE: ANSWERS MUST BE RECORDED IN TEXT BOX PROVIDED. 4 responses have been done for you below. Match the following words/numbers with the blanks in the balance sheet on page 2. DO NOT RECORD YOUR ANSWERS ON PAGE 2. ANSWERS MUST BE RECORDED in text box. Number 1-20 and put the correct answer in each number. I did # 7, 11, 17, and 20 for you! 1. Equity 2. Receivable 3. Accounts 4. Common 5. Accumulated 6. Fixed 7. 11 Payable 8. Less 9. Total 10. Intangible 11._1_ Current 12. Notes 13. Long-term 14. Assets 15. Doubtful 16. 142,000 17._17__18,000 18. 25,000 19. 62,000 20. 19 32,000 'This exercise is reprinted with the permission of Julie Boyles, Portland State University. Balance Sheet December 31, 20XX Assets 1. Assets Cash 16 2 receivable 3. $ 31,000 Less allowance for 29,400 39,000 accounts 1,600 Notes Inventory Prepaid expenses 51,050 2,500 Assets $183,950 6. Assets Plant and equipment $110,000 23,000 $ 55,000 18,000 Less depreciation $ 87,000 7. Furniture and store equipment accumulated depreciation 37,000 Total 124,000 10 Assets $ 7,000 17 Patents Goodwill Total 10 TOTAL ASSETS Assets 18 $332,950 Liabilities Current Liabilities $ 39,295 29,455 Accounts 11 payable Salaries payable Taxes payable Total Current Liabilities 12 6,600 5,500 $ 80,850 13 Liabilities Mortgage Total $110,100 13 TOTAL LIABILITIES Liabilities 110,100 $190,950 Stockholders' 14 stock Retained earnings 15 $110,000 19 Total Stockholders' 14 20 Total Liabilities & 14 $332,950
Chapter 15 Activity: Balance It!! NOTE: ANSWERS MUST BE RECORDED IN TEXT BOX PROVIDED. 4 responses have been done for you below. Match the following words/numbers with the blanks in the balance sheet on page 2. DO NOT RECORD YOUR ANSWERS ON PAGE 2. ANSWERS MUST BE RECORDED in text box. Number 1-20 and put the correct answer in each number. I did # 7, 11, 17, and 20 for you! 1. Equity 2. Receivable 3. Accounts 4. Common 5. Accumulated 6. Fixed 7. 11 Payable 8. Less 9. Total 10. Intangible 11._1_ Current 12. Notes 13. Long-term 14. Assets 15. Doubtful 16. 142,000 17._17__18,000 18. 25,000 19. 62,000 20. 19 32,000 'This exercise is reprinted with the permission of Julie Boyles, Portland State University. Balance Sheet December 31, 20XX Assets 1. Assets Cash 16 2 receivable 3. $ 31,000 Less allowance for 29,400 39,000 accounts 1,600 Notes Inventory Prepaid expenses 51,050 2,500 Assets $183,950 6. Assets Plant and equipment $110,000 23,000 $ 55,000 18,000 Less depreciation $ 87,000 7. Furniture and store equipment accumulated depreciation 37,000 Total 124,000 10 Assets $ 7,000 17 Patents Goodwill Total 10 TOTAL ASSETS Assets 18 $332,950 Liabilities Current Liabilities $ 39,295 29,455 Accounts 11 payable Salaries payable Taxes payable Total Current Liabilities 12 6,600 5,500 $ 80,850 13 Liabilities Mortgage Total $110,100 13 TOTAL LIABILITIES Liabilities 110,100 $190,950 Stockholders' 14 stock Retained earnings 15 $110,000 19 Total Stockholders' 14 20 Total Liabilities & 14 $332,950
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter1: Accounting And The Financial Statements
Section: Chapter Questions
Problem 44E
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All details are on pics. I need answer for #2
Transcribed Image Text:Chapter 15 Activity: Balance It!!
NOTE: ANSWERS MUST BE RECORDED IN TEXT BOX PROVIDED. 4
responses have been done for you below.
Match the following words/numbers with the blanks in the balance sheet on page 2. DO NOT
RECORD YOUR ANSWERS ON PAGE 2. ANSWERS MUST BE RECORDED in text box. Number 1-20
and put the correct answer in each number. I did # 7, 11, 17, and 20 for you!
1.
Equity
2.
Receivable
3.
Accounts
4.
Common
5.
Accumulated
6.
Fixed
7.
11 Payable
8.
Less
9.
Total
10.
Intangible
11._1_ Current
12.
Notes
13.
Long-term
14.
Assets
15.
Doubtful
16.
142,000
17._17__18,000
18.
25,000
19.
62,000
20. 19 32,000
'This exercise is reprinted with the permission of Julie Boyles, Portland State University.
Transcribed Image Text:Balance Sheet
December 31, 20XX
Assets
1.
Assets
Cash
16
2 receivable
3.
$ 31,000
Less allowance for
29,400
39,000
accounts
1,600
Notes
Inventory
Prepaid expenses
51,050
2,500
Assets
$183,950
6.
Assets
Plant and equipment
$110,000
23,000
$ 55,000
18,000
Less
depreciation
$ 87,000
7.
Furniture and store equipment
accumulated depreciation
37,000
Total
124,000
10
Assets
$ 7,000
17
Patents
Goodwill
Total
10
TOTAL ASSETS
Assets
18
$332,950
Liabilities
Current Liabilities
$ 39,295
29,455
Accounts
11
payable
Salaries payable
Taxes payable
Total Current Liabilities
12
6,600
5,500
$ 80,850
13
Liabilities
Mortgage
Total
$110,100
13
TOTAL LIABILITIES
Liabilities
110,100
$190,950
Stockholders'
14
stock
Retained earnings
15
$110,000
19
Total Stockholders'
14
20
Total Liabilities &
14
$332,950
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