The Sheffield Corp. is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company’s fiscal year on November 30, 2022, the following accounts appeared in two of its trial balances. All accounts balances are normal. Unadjusted Adjusted Unadjusted AdjustedAccounts Payable $25,600 $25,600 Inventory $29,500 $29,500Accounts Receivable 31,000 31,000 Notes payable 35,000 35,000Accumulated Depr.—Equipment 36,000 44,500 Prepaid Insurance 10,700 2,600Cash 26,000 26,000 Property Tax Expense 2,500Common Stock 42,400 42,400 Property Taxes Payable 2,500Cost of Goods Sold 511,000 511,000 Rent Expense 14,400 14,400Dividends 9,500 9,500 Retained Earnings 61,700 61,700Freight-Out 5,900 5,900 Salaries and Wages Expense 95,500 95,500Equipment 147,000 147,000 Sales Commissions Expense 6,500 11,000Depreciation Expense 8,500 Sales Commissions Payable 4,500Insurance Expense 8,100 Sales Returns and Allowances 7,500 7,500Interest Expense 6,000 6,000 Sales Revenue 700,000 700,000Interest Revenue 8,500 8,500 Utilities Expense 8,700 8,700Prepare a balance sheet. Notes payable are due in 2025. (List Current Assets in order of liquidity.) Prepare a balance sheet. Notes payable are due in 2025. (List Current Assets in order of liquidity.)The Sheffield Corp.Balance SheetNovember 30, 2022AssetsCurrent AssetsAccounts Receivable$31000Cash26000Inventory29500Prepaid Insurance2600Total Current Assets%24%24>> The Sheffield Corp. is located in midtown Madison. During the past several years, net income has been declining because ofsuburban shopping centers. At the end of the company's fiscal year on November 30, 2022, the following accounts appeared in twoof its trial balances. All accounts balances are normal.UnadjustedAdjustedUnadjustedAdjustedAccounts Payable$25,600$25,600Inventory$29,500$29,500Accounts Receivable31,00031,000Notes payable35,00035,000Accumulated Depr.-Equipment36,00044,500Prepaid Insurance10,7002,600Cash26,00026,000Property Tax Expense2,500Common Stock42,40042,400Property Taxes Payable2,500Cost of Goods Sold511,000511,000Rent Expense14,40014,400Dividends9,5009,500Retained Earnings61,70061,700Freight-Out5,9005,900Salaries and Wages Expense95,50095,500Equipment147,000147,000Sales Commissions Expense6,50011,000Depreciation Expense8,500Sales Commissions Payable4,500Insurance Expense8,100Sales Returns and Allowances7,5007,500Interest Expense6,0006,000Sales Revenue700,000700,000Interest Revenue8,5008,500Utilities Expense8,7008,700

Balance sheet shows the financial position of the business. It is the financial statement that…

The Sheffield Corp. is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company’s fiscal year on November 30, 2022, the following accounts appeared in two of its trial balances. All accounts balances are normal. Unadjusted Adjusted Unadjusted Adjusted Accounts Payable $25,600 $25,600 Inventory $29,500 $29,500 Accounts Receivable 31,000 31,000 Notes payable 35,000 35,000 Accumulated Depr.—Equipment 36,000 44,500 Prepaid Insurance 10,700 2,600 Cash 26,000 26,000 Property Tax Expense 2,500 Common Stock 42,400 42,400 Property Taxes Payable 2,500 Cost of Goods Sold 511,000 511,000 Rent Expense 14,400 14,400 Dividends 9,500 9,500 Retained Earnings 61,700 61,700 Freight-Out 5,900 5,900 Salaries and Wages Expense 95,500 95,500 Equipment 147,000 147,000 Sales Commissions Expense 6,500 11,000 Depreciation Expense 8,500 Sales Commissions Payable 4,500 Insurance Expense 8,100 Sales Returns and Allowances 7,500 7,500 Interest Expense 6,000 6,000 Sales Revenue 700,000 700,000 Interest Revenue 8,500 8,500 Utilities Expense 8,700 8,700 Prepare a balance sheet. Notes payable are due in 2025.

College Accounting, Chapters 1-27

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ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

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The Sheffield Corp. is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company’s fiscal year on November 30, 2022, the following accounts appeared in two of its trial balances. All accounts balances are normal.

	Unadjusted	Adjusted		Unadjusted	Adjusted
Accounts Payable	$25,600	$25,600	Inventory	$29,500	$29,500
Accounts Receivable	31,000	31,000	Notes payable	35,000	35,000
Accumulated Depr.—Equipment	36,000	44,500	Prepaid Insurance	10,700	2,600
Cash	26,000	26,000	Property Tax Expense		2,500
Common Stock	42,400	42,400	Property Taxes Payable		2,500
Cost of Goods Sold	511,000	511,000	Rent Expense	14,400	14,400
Dividends	9,500	9,500	Retained Earnings	61,700	61,700
Freight-Out	5,900	5,900	Salaries and Wages Expense	95,500	95,500
Equipment	147,000	147,000	Sales Commissions Expense	6,500	11,000
Depreciation Expense		8,500	Sales Commissions Payable		4,500
Insurance Expense		8,100	Sales Returns and Allowances	7,500	7,500
Interest Expense	6,000	6,000	Sales Revenue	700,000	700,000
Interest Revenue	8,500	8,500	Utilities Expense	8,700	8,700

Prepare a balance sheet. Notes payable are due in 2025. (List Current Assets in order of liquidity.)

The Sheffield Corp. is located in midtown Madison. During the past several years, net income has been declining because of
suburban shopping centers. At the end of the company's fiscal year on November 30, 2022, the following accounts appeared in two
of its trial balances. All accounts balances are normal.
Unadjusted
Adjusted
Unadjusted
Adjusted
Accounts Payable
$25,600
$25,600
Inventory
$29,500
$29,500
Accounts Receivable
31,000
31,000
Notes payable
35,000
35,000
Accumulated Depr.-Equipment
36,000
44,500
Prepaid Insurance
10,700
2,600
Cash
26,000
26,000
Property Tax Expense
2,500
Common Stock
42,400
42,400
Property Taxes Payable
2,500
Cost of Goods Sold
511,000
511,000
Rent Expense
14,400
14,400
Dividends
9,500
9,500
Retained Earnings
61,700
61,700
Freight-Out
5,900
5,900
Salaries and Wages Expense
95,500
95,500
Equipment
147,000
147,000
Sales Commissions Expense
6,500
11,000
Depreciation Expense
8,500
Sales Commissions Payable
4,500
Insurance Expense
8,100
Sales Returns and Allowances
7,500
7,500
Interest Expense
6,000
6,000
Sales Revenue
700,000
700,000
Interest Revenue
8,500
8,500
Utilities Expense
8,700
8,700

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