INTERMEDIATE ACCOUNTING
10th Edition
ISBN: 9781264397921
Author: SPICELAND
Publisher: MCG
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The following account balances were taken from the 2021 post-closing trial balance of the Bowler Corporation: cash, $8,000; accounts
receivable, $18,000; Inventory, $32,000; equipment, $180,000; accumulated depreciation, $72,000; accounts payable, $54,000:
salaries payable, $28,000; retained earnings, $18,000, and common stock, $66,000.
Prepare a 12/31/2021 balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
BOWLER CORPORATION
Balance Sheet
At December 31, 2021
Assets
Liabilities and Shareholders' Equity
The following account balances were taken from the 2021 post-closing trial balance of the Bowler Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; equipment, $100,000; accumulated depreciation, $40,000; accounts payable, $20,000; salaries payable, $12,000; retained earnings, $9,000; and common stock, $50,000. Prepare a 12/31/2021 balance sheet.
The following account balances appear in the 2021 adjusted trial balance of Blue Devils Corporation: Cash, $5,000; Accounts Receivable, $9,000; Supplies, $19,000; Equipment, $120,000; Accumulated Depreciation, $45,000; Accounts Payable, $26,000; Salaries Payable, $16,000; Common Stock, $60,000; and Retained Earnings, _____. Prepare the December 31, 2021, classified balance sheet including the correct balance for retained earnings.
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- The following account balances appear in the 2021 adjusted trial balance of Blue Devils Corporation: Cash, $3,000; Accounts Receivable, $7,000; Supplies, $17,000; Equipment, $100,000; Accumulated Depreciation, $35,000; Accounts Payable, $24,000; Salaries Payable, $14,000; Common Stock, $40,000; and Retained Earnings,. Prepare the December 31, 2021, classified balance sheet including the correct balance for retained earnings. (Amounts to be deducted should be entered with minus sign.) BLUE DEVILS CORPORATION Balance Sheet December 31, 2021 Assets Liabilities Current assets: Current liabilities: Total current assets Total current liabilities Long-term assets: Stockholders'Equity Total stockholders' equity Total assets Total liabilities and stockholders' equityarrow_forwardCurrent Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,000; Accounts Receivable, $7,500; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,800. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Dorothy Corporation Partial Balance Sheet Total current assets 000arrow_forwardCurrent Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,800; Accounts Receivable, $7,000; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,200. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Total current assets Dorothy Corporation Partial Balance Sheet Feedback 7,000 ✓ 1,100✔ 1,200 3,000 ✓ 5,900 23,800 2,400 ✓arrow_forward
- Harding Corporation has the following accounts included in its December 31, 2020, trial balance: Accounts Receivable $110,000, Inventory $290,000, Allowance for Doubtful Accounts $8,000, Patents $72,000, Prepaid Insurance $9,500, Accounts Payable $77,000, and Cash $30,000. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence.arrow_forwardShown below are selected accounts and their balances for the Zay Company as of December 31, 2021 Accounts Payable - P980,000; Accounts Receivable - P2,160,000; Allowance for Bad Debts - P250,000; Cash - P224,000; Wages Payable - P108,000; Trademarks - P450,000; Longterm advances to officers - P1,500,000; Inventory - P830,000; Income Taxes Payable - P720,000; Notes Receivable (short-term) - P970,000; Bond Redemption Fund - P1,800,000; Bonds Payable - P5,000,000; Premium on Bonds Payable - P400,000; Treasury Shares - P576,000 How much were the total current liabilities at December 31, 2021? a. P7,208,000 b. P1,808,000 c. P1,088,000 d. P980,000arrow_forwardCullumber Corporation has the following accounts included in its December 31, 2020, trial balance: Accounts Receivable $119,100, Inventory $295,100, Allowance for Doubtful Accounts $9,850, Patents $75,200, Prepaid Insurance $9,830, Accounts Payable $82,900, and Cash $32,400. Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)arrow_forward
- The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $ 6,400 Accounts receivable (net) 34,000 Inventory 74,000 Property, plant, and equipment (net) 190,000 Accounts payable 53,000 Salaries payable 14,000 Paid-in capital 170,000 The only asset not listed is short-term investments. The only liabilities not listed are $44,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.8:1. Required:Determine the following at December 31, 2021: Total Current Asset? Short Term Investment? Retained Earnings?arrow_forwardShown below are selected accounts and their balances for the KTS Company as of December 31, 2021: Accounts payable-P980,000; Accounts receivable-P2,160,000; Allowance for bad debts-P250,000; Cash-P224,000; Wages payable-P108,000; Trademarks-P450,000; Long-term advances to officers-P1,500,000; Inventory-P830,000; Income taxes payable-P720,000; Notes receivable(short-term)-P970,000; Bond redemption fund-P1,800,000; Bonds payable-P5,000,000; Premium on bonds payable-P400,000; Treasury shares-P576,000. How much were the total current assets at December 31, 2021? A P5,434,000 B) P4,510,000 C) P3,934,000 D) P3,943,000arrow_forwardMonty Corporation has the following accounts included in its December 31, 2025, trial balance: Accounts Receivable $110,600, Inventory $293,700, Allowance for Doubtful Accounts $8,340, Patents $74,300, Prepaid Insurance $9,710, Accounts Payable $77,000, and Cash $32,700. Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.) MONTY CORPORATION Balance Sheet (Partial) LA $ tA tA $arrow_forward
- The following account balances were taken from the 2021 adjusted trial balance of the Bowler Corporation: sales revenue, $325,000; cost of goods sold, $168,000; salaries expense, $45,000; rent expense, $20,000; depreciationexpense, $30,000; and miscellaneous expense, $12,000. Prepare an income statement for 2021.arrow_forwardEmmanuel, Inc. reported the following items in its December 31, 2021 trial balance: Accounts payable – P1,000,000; Accounts receivable – 45,000; Unearned rent revenue – P288,000; Withholding tax payable – P258,000; Reserves – P75,000; Bonds payable due in 2025 – P5,000,000; Accrued interest expense - P225,000; Trademark – P390,000. How much should Emmanuel report as total liabilities in its December 31, 2021 statement of financial position? A. 6,771,000 B. 6,891,000 C. 6,846,000 D. 6,666,000arrow_forwardAt December 31, 2021, Robbins Products has cash of $19,000, receivables of $19,000, and inventory of $75,000. The company's equipment totals $188,000. Robbins owes accounts payable of $20,000 and long-term notes payable of $166,000. Common stock is $33,500. Read the requirement. Start with the heading and then complete the assets section of the statement. Finally complete the liabilities and stockholders' equity section of the statement. (Classify the balance sheet by selecting the proper title on all applicable subtotal lines. In the first part complete the assets section of the balance sheet. In the second part complete the liabilities and stockholders' equity section of the balance sheet. If an input field is not used in the table leave the field empty; do not select a label or enter a zero.) Requirement Prepare Robbins's balance sheet at December 2021, complete with its proper heading. Use the accounting equation to compute retained earnings. Print Done - X swerarrow_forward
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