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Introducing Financial Statements

 

 

: Using the following designations for balance sheet categories, place the designator in the column next to the account title.• (CA) – Current Asset• (LTA) – Long-term Asset• (CL) – Current Liability• (LTL) – Long-term Liability• (EQ) – Equity

Account Title Balance Sheet CategoryAccounts Payable Equipment Prepaid rent Short-term investments Accounts receivable Land Common stock Cash Accumulated depreciation Goodwill Bonds payable Retained earnings Preferred stock Mortgage payable Salaries payable Allowance for uncollectibles Inventories Patent Income tax payable Short-term security deposits

 

 

 

Use the following account information to prepare the 2011 balance sheet for Blaze Industries. Be sure to use the proper format. If you need to research the format for balance sheets, you may wish to start with the suggested materials in Resources. • Wages payable – $880.00.• Supplies – $80.00.• Common stock – $10,000.00.• Equipment – $217,200.00.• Interest payable – $3,600.00.• Retained earnings – $27,520.00.• Accounts receivable – $400.00.• Long-term bonds payable – $150,000.00.• Cash – $3,050.00.• Advances from customers – $460.00.• Prepaid insurance – $830.00.• Accumulated depreciation – $29,100.00.

 

 

 

Southwest Business SchoolAdjusted Trial BalanceDecember 31 20XX Debit ($) Credit ($)Cash 26,000 Accounts receivable 7,500 Teaching supplies 2,600 Prepaid insurance 12,000 Prepaid rent 0 Professional library 30,000 Accumulated depreciation—Professional library 15,000Equipment 70,000 Accumulated depreciation—Equipment 28,000Accounts payable 36,000Salaries payable 400Unearned training fees 6,600Common stock 10,000Retained earnings 53,600Dividends 40,000 Tuition fees earned 109,500Training fees earned 42,400Depreciation expense—Professional library 6,000 Depreciation expense—Equipment 12,000 Salaries expense 48,400 Insurance expense 3,000 Rent expense 24,000 Teaching supplies expense 7,400 Advertising expense 7,000 Utilities expense      5,600 _______Totals $301,500 $301,500

 

 

In each of the two sets of organization financial statement information, two items have been omitted. Replace the question marks with the missing amounts. Use the area below the table to show any calculations used to arrive at the final answer for each missing amount. Smith Industries ($) Jones Chips, Inc. ($)Beginning of year:Total assets 110,000 129,000Total liabilities 85,000 ?Total equities ? 80,000End of year:Total assets 160,000 180,000Total liabilities 120,000 50,000Total equities 40,000 130,000Changes during the year in equities:Additional owner investment ? 25,000Owner’s withdrawals 29,000 ?Total revenues 215,000 100,000Total expenses 175,000 60,000