Here is the partial work sheet for Eckland Stereo. Eckland Stereo Work Sheet For Year Ended December 31, 20-- 1 Balance Sheet Balance Sheet 2 Account Name Debit Credit 3 Cash 14,815.00 4 Notes Receivable 7,500.00 5 Accounts Receivable 30,170.00 6 Merchandise Inventory 50,244.00 7 Prepaid Property Taxes 2,115.00 8 Prepaid Insurance 1,640.00 9 Land 16,700.00 10 Building 50,000.00 11 Accumulated Depreciation, Building 15,900.00 12 Computer Equipment 6,892.00 13 Accumulated Depreciation, Computer Equipment 5,674.00 14 Store Equipment 7,230.00 15 Accumulated Depreciation, Store Equipment 4,424.00 16 Delivery Equipment 4,300.00 17 Accumulated Depreciation, Delivery Equipment 3,470.00 18 Notes Payable 5,215.00 19 Accounts Payable 27,140.00 20 Mortgage Payable (current portion) 2,800.00 21 Mortgage Payable 65,200.00 22 M. J. Eckland, Capital 57,314.00 23 M. J. Eckland, Drawing 23,000.00 24 25 Wages Payable 1,984.00 26 214,606.00 189,121.00 27 Net Income 25,485.00 28 Total $214,606.00 $214,606.00 Required: 1. Prepare a statement of owner’s equity (no additional investment). 2. Prepare a balance sheet. 3. Determine the amount of the working capital.
Here is the partial work sheet for Eckland Stereo. Eckland Stereo Work Sheet For Year Ended December 31, 20-- 1 Balance Sheet Balance Sheet 2 Account Name Debit Credit 3 Cash 14,815.00 4 Notes Receivable 7,500.00 5 Accounts Receivable 30,170.00 6 Merchandise Inventory 50,244.00 7 Prepaid Property Taxes 2,115.00 8 Prepaid Insurance 1,640.00 9 Land 16,700.00 10 Building 50,000.00 11 Accumulated Depreciation, Building 15,900.00 12 Computer Equipment 6,892.00 13 Accumulated Depreciation, Computer Equipment 5,674.00 14 Store Equipment 7,230.00 15 Accumulated Depreciation, Store Equipment 4,424.00 16 Delivery Equipment 4,300.00 17 Accumulated Depreciation, Delivery Equipment 3,470.00 18 Notes Payable 5,215.00 19 Accounts Payable 27,140.00 20 Mortgage Payable (current portion) 2,800.00 21 Mortgage Payable 65,200.00 22 M. J. Eckland, Capital 57,314.00 23 M. J. Eckland, Drawing 23,000.00 24 25 Wages Payable 1,984.00 26 214,606.00 189,121.00 27 Net Income 25,485.00 28 Total $214,606.00 $214,606.00 Required: 1. Prepare a statement of owner’s equity (no additional investment). 2. Prepare a balance sheet. 3. Determine the amount of the working capital.
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter14: Adjustments And The Work Sheet For A Merchandising Business
Section: Chapter Questions
Problem 9SPB: COMPLETION OF A WORK SHEET SHOWING A NET INCOME A trial balance for the Bosket Corner, a business...
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Here is the partial work sheet for Eckland Stereo.
Eckland Stereo
|
Work Sheet
|
For Year Ended December 31, 20--
|
1
|
|
Balance Sheet
|
Balance Sheet
|
2
|
Account Name
|
Debit
|
Credit
|
3
|
Cash
|
14,815.00
|
|
4
|
Notes Receivable
|
7,500.00
|
|
5
|
Accounts Receivable
|
30,170.00
|
|
6
|
Merchandise Inventory
|
50,244.00
|
|
7
|
Prepaid Property Taxes
|
2,115.00
|
|
8
|
Prepaid Insurance
|
1,640.00
|
|
9
|
Land
|
16,700.00
|
|
10
|
Building
|
50,000.00
|
|
11
|
Accumulated
|
|
15,900.00
|
12
|
Computer Equipment
|
6,892.00
|
|
13
|
Accumulated Depreciation, Computer Equipment
|
|
5,674.00
|
14
|
Store Equipment
|
7,230.00
|
|
15
|
Accumulated Depreciation, Store Equipment
|
|
4,424.00
|
16
|
Delivery Equipment
|
4,300.00
|
|
17
|
Accumulated Depreciation, Delivery Equipment
|
|
3,470.00
|
18
|
Notes Payable
|
|
5,215.00
|
19
|
Accounts Payable
|
|
27,140.00
|
20
|
Mortgage Payable (current portion)
|
|
2,800.00
|
21
|
Mortgage Payable
|
|
65,200.00
|
22
|
M. J. Eckland, Capital
|
|
57,314.00
|
23
|
M. J. Eckland, Drawing
|
23,000.00
|
|
24
|
|
|
|
25
|
Wages Payable
|
|
1,984.00
|
26
|
|
214,606.00
|
189,121.00
|
27
|
Net Income
|
|
25,485.00
|
28
|
Total
|
$214,606.00
|
$214,606.00
|
Required: | |
1. | Prepare a statement of owner’s equity (no additional investment). |
2. | Prepare a balance sheet. |
3. | Determine the amount of the |
4. | Determine the |
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