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Presented below are accounts of Cutie Company   Additional:  During the year, the owner made an additional investment of 20,000 and withdrawals of 50,000. Cutie company beginning capital is 617,600 and its net income for the year is 75,000. Instructions: Prepare the Statement of Financial Position in account form and report form and determine the amount of cash.   Prepare the supporting notes.

Presented below are accounts of Cutie Company   Additional:  During the year, the owner made an additional investment of 20,000 and withdrawals of 50,000. Cutie company beginning capital is 617,600 and its net income for the year is 75,000. Instructions: Prepare the Statement of Financial Position in account form and report form and determine the amount of cash.   Prepare the supporting notes.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 9E: Estimating Bad Debts from Receivables Balances The following information is extracted from Shelton...
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Presented below are accounts of Cutie Company

 

Additional: 

During the year, the owner made an additional investment of 20,000 and withdrawals of 50,000. Cutie company beginning capital is 617,600 and its net income for the year is 75,000.

Instructions: Prepare the Statement of Financial Position in account form and report form and determine the amount of cash.

 

Prepare the supporting notes.

Cash Accounts Receivable Allowance for Bad Debts Notes Receivable Interest Receivable Merchandise inventory Prepaid Insurance Office Supplies Delivery Equipment Accum.Depreciation-Delivery Equipment Furniture and Fixtures Accum.Depreciation - Furniture and Fixtures Accounts Payable Accrued Expenses Notes Payable (due in 3 years) J, Capital J, Drawing 59,400 5,000 39,600 5,000 247,500 6,000 30,000 225,000 72,000 180,000 67,500 45,000 8,000 105,000 50,000 SENIOR HIGH SCHCHOGE
Transcribed Image Text:Cash Accounts Receivable Allowance for Bad Debts Notes Receivable Interest Receivable Merchandise inventory Prepaid Insurance Office Supplies Delivery Equipment Accum.Depreciation-Delivery Equipment Furniture and Fixtures Accum.Depreciation - Furniture and Fixtures Accounts Payable Accrued Expenses Notes Payable (due in 3 years) J, Capital J, Drawing 59,400 5,000 39,600 5,000 247,500 6,000 30,000 225,000 72,000 180,000 67,500 45,000 8,000 105,000 50,000 SENIOR HIGH SCHCHOGE
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