Use the information in the following trial balance to prepare a balance sheet for Red Inc. as of December 31, 2022, their fiscal year end. Red Inc. Trial Balance December 31, 2022 Cash $1,000 Accounts receivable $15,000 Inventory $150,000 Prepaid rent $6,000 Equipment $80,000 Accumulated depreciation -- Equipment $16,000 Buildings $200,000 Accumulated depreciation – Buildings $40,000 Accounts payable $2,000 Short-term notes payable $22,000 Salaries payable $18,000 Long-term notes payable $30,000 Mortgage payable $50,000 Common stock $200,000 Retained earnings $74,000 Total $452,000 $452,000
Use the information in the following trial balance to prepare a balance sheet for Red Inc. as of December 31, 2022, their fiscal year end. Red Inc. Trial Balance December 31, 2022 Cash $1,000 Accounts receivable $15,000 Inventory $150,000 Prepaid rent $6,000 Equipment $80,000 Accumulated depreciation -- Equipment $16,000 Buildings $200,000 Accumulated depreciation – Buildings $40,000 Accounts payable $2,000 Short-term notes payable $22,000 Salaries payable $18,000 Long-term notes payable $30,000 Mortgage payable $50,000 Common stock $200,000 Retained earnings $74,000 Total $452,000 $452,000
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 7PB: Using the following information, A. Make the December 31 adjusting journal entry for depreciation....
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Question
Use the information in the following
Red Inc.
Trial Balance
December 31, 2022
|
Cash |
$1,000 |
|
|
|
$15,000 |
|
|
Inventory |
$150,000 |
|
|
Prepaid rent |
$6,000 |
|
|
Equipment |
$80,000 |
|
|
|
|
$16,000 |
|
Buildings |
$200,000 |
|
|
Accumulated depreciation – Buildings |
|
$40,000 |
|
Accounts payable |
|
$2,000 |
|
Short-term notes payable |
|
$22,000 |
|
Salaries payable |
|
$18,000 |
|
Long-term notes payable |
|
$30,000 |
|
Mortgage payable |
|
$50,000 |
|
Common stock |
|
$200,000 |
|
|
|
$74,000 |
|
Total |
$452,000 |
$452,000 |
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