1.The following accounts and balances were taken from the financial statements of r@ktas Inc. Prepare a classified balance sheet as of December 31,2018. $ 15,000 $ 75,000 $ 40.000 $ 80.000 $ 5.000 $ 120,000 $ 43,000 Bank credit Cash Short-term investments Inventory Capital Accounts payable Property&Equipment Retained earnings ? Prepaid insurance $ 12,000 r@ktas Inc. Balance Sheet at December 31,2020
1.The following accounts and balances were taken from the financial statements of r@ktas Inc. Prepare a classified balance sheet as of December 31,2018. $ 15,000 $ 75,000 $ 40.000 $ 80.000 $ 5.000 $ 120,000 $ 43,000 Bank credit Cash Short-term investments Inventory Capital Accounts payable Property&Equipment Retained earnings ? Prepaid insurance $ 12,000 r@ktas Inc. Balance Sheet at December 31,2020
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Can you reply these balance sheets?
![1.The following accounts and balances were taken from the financial statements of r@ktas
Inc. Prepare a classified balance sheet as of December 31,2018.
$ 15,000
$ 75,000
$ 40.000
$ 80.000
$ 5.000
$ 120,000
$ 43,000
Bank credit
Cash
Short-term investments
Accounts payable
Property&Equipment
Retained earnings
Inventory
Capital
Prepaid insurance
$ 12,000
r@ktas Inc.
Balance Sheet
at December 31,2020](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc19d23cf-ecfb-4947-8f32-994a7d1840f1%2F868a811e-7424-4cec-b0ae-f7f8575d7701%2Fklton5s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1.The following accounts and balances were taken from the financial statements of r@ktas
Inc. Prepare a classified balance sheet as of December 31,2018.
$ 15,000
$ 75,000
$ 40.000
$ 80.000
$ 5.000
$ 120,000
$ 43,000
Bank credit
Cash
Short-term investments
Accounts payable
Property&Equipment
Retained earnings
Inventory
Capital
Prepaid insurance
$ 12,000
r@ktas Inc.
Balance Sheet
at December 31,2020
![Use the following accounts;
Cash
Foreign exchange gain
Foreign exchange loss
Capital
Bank
Short-term investments
Loss on sale of short-term investment
Gain on sale of short-term investment
RA established his own company, r@ktas Co. The following transactions are the events that
occurred during December 2018, the company's first month:
Date
12/1
The owner invested $ 200,000 cash for capital.
12/5
r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro
(Exchange rate was 1 Euro= 1,5 Dollar)
12/10
The Company purchased short-term investment with cash for $2,500.
12/18
The Company sold short-term investment with cash for $2.000
Note:
Exchange rate was 1 Euro= 1,4 Dollar at the end of the period.
Requirements:
1- Give the journal entry for each transaction.
2- Post each transaction to T accounts.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc19d23cf-ecfb-4947-8f32-994a7d1840f1%2F868a811e-7424-4cec-b0ae-f7f8575d7701%2Fgoxxlmvg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Use the following accounts;
Cash
Foreign exchange gain
Foreign exchange loss
Capital
Bank
Short-term investments
Loss on sale of short-term investment
Gain on sale of short-term investment
RA established his own company, r@ktas Co. The following transactions are the events that
occurred during December 2018, the company's first month:
Date
12/1
The owner invested $ 200,000 cash for capital.
12/5
r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro
(Exchange rate was 1 Euro= 1,5 Dollar)
12/10
The Company purchased short-term investment with cash for $2,500.
12/18
The Company sold short-term investment with cash for $2.000
Note:
Exchange rate was 1 Euro= 1,4 Dollar at the end of the period.
Requirements:
1- Give the journal entry for each transaction.
2- Post each transaction to T accounts.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education