The adjusted trial balance for Oman Chocolate Company at December 31, 2019 is presented below: Debit Credit Cash 10,500 Accounts receivable 150,000 Allowance for uncollectible accounts 10,000 Prepaid rent 5,000 Inventory 25,000 Equipment 300,000 Accumulated depreciation – equipment 125,000 Accounts payable 20,000 Notes payable – due in three months 30,000 Salaries payable 4,000 Interest payable 1,000 Share capital 200,000 Retained earnings 50,000 Sales revenue 400,000 Cost of goods sold 180,000 Salaries expense 120,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 2,000 Bad debt expense 2,500 Totals 840,000 840,000 Required : Prepare a classified statement of financial position for Oman Chocolate Company as of December 31, 2019.
The adjusted trial balance for Oman Chocolate Company at December 31, 2019 is presented below: Debit Credit Cash 10,500 Accounts receivable 150,000 Allowance for uncollectible accounts 10,000 Prepaid rent 5,000 Inventory 25,000 Equipment 300,000 Accumulated depreciation – equipment 125,000 Accounts payable 20,000 Notes payable – due in three months 30,000 Salaries payable 4,000 Interest payable 1,000 Share capital 200,000 Retained earnings 50,000 Sales revenue 400,000 Cost of goods sold 180,000 Salaries expense 120,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 2,000 Bad debt expense 2,500 Totals 840,000 840,000 Required : Prepare a classified statement of financial position for Oman Chocolate Company as of December 31, 2019.
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 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...
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Question
The adjusted
|
Debit |
Credit |
|
Cash |
10,500 |
|
|
|
150,000 |
|
|
Allowance for uncollectible accounts |
|
10,000 |
|
Prepaid rent |
5,000 |
|
|
Inventory |
25,000 |
|
|
Equipment |
300,000 |
|
|
Accumulated |
|
125,000 |
|
Accounts payable |
|
20,000 |
|
Notes payable – due in three months |
|
30,000 |
|
Salaries payable |
|
4,000 |
|
Interest payable |
|
1,000 |
|
Share capital |
|
200,000 |
|
|
|
50,000 |
|
Sales revenue |
|
400,000 |
|
Cost of goods sold |
180,000 |
|
|
Salaries expense |
120,000 |
|
|
Rent expense |
15,000 |
|
|
Depreciation expense |
30,000 |
|
|
Interest expense |
2,000 |
|
|
|
2,500
|
|
|
Totals |
840,000 |
840,000 |
Required :
- Prepare a classified statement of financial position for Oman Chocolate Company as of December 31, 2019.
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