How would this problem be solved? 3. The Cabbage Company has the following accounts and balances on December 31, 2018 and needs your help toprepare their financials statements. Using good format, place the accounts into the correct place and total the numbers.DebitCreditBad Debt Expense3,00045,000Note: The Statement of Retained EarningsEquipmentAllowance for Bad Debtsis not needed for this problem because I gave4,000you the ending balance in Retained Earnings.Accumulated Depreciation - Equipment10,000Accounts ReceivableUnearned RevenueDepreciation ExpenseACCounts PayableTnterest Expense60,0009,0005,000006.600Note Payable (3,200 due within one year)Sales26,000120,00080,0006,300COST of GOods SoldRetalhed Earnings, EndiingCommon StockTabbage CompanyIncome Statement51,40030,000Cabbage CompanyBalance SheetAssetsLiabilities:Current Liabilities:Other Expenses:Total Current LiabilitiesLong Term Liabilities:Total Long Term Liab.Total LiabilitiesEquity:Total Other ExpensesTotal EquityTotal Liabilities & EquityTotal Assets

Financial Statement:- These are statements prepared at the end of the financial year to know the…

3. The Cabbage Company has the following accounts and balances on December 31, 2018 and needs your help to prepare their financials statements. Using good format, place the accounts into the correct place and total the numbers. Debit Credit Bad Debt Expense 3,000 Note: The Statement of Retained Earnings is not needed for this problem because I gave Equipment Allowance for Bad Debts 45,000 4,000 10,000 you the ending balance in Retained Earnings. Accumulated Depreciation - Equipment Accounts Receivable Unearned Revenue Depreciation Expense ACCounts Payable Interest Expense Note Payable (3,200 due within one year) Sales Tost or GOoas Sold Cash Retained Earnings, Ending Common Stock Cabbage Company 60,000 9,000 5,000 900 600 26,000 120,000 80,000 6,300 31,400 30,000 cabbage Company Balance Sheet Income Statement Assets Liabilities: Current Liabilities: Other Expenses: Total Current Liabilities Long Term Liabilities: Total Long Term Liab. Total Liabilities Equity: Total Other Expenses Total Equity Total Assets Total Liabilities & Equity

3. The Cabbage Company has the following accounts and balances on December 31, 2018 and needs your help to prepare their financials statements. Using good format, place the accounts into the correct place and total the numbers. Debit Credit Bad Debt Expense 3,000 Note: The Statement of Retained Earnings is not needed for this problem because I gave Equipment Allowance for Bad Debts 45,000 4,000 10,000 you the ending balance in Retained Earnings. Accumulated Depreciation - Equipment Accounts Receivable Unearned Revenue Depreciation Expense ACCounts Payable Interest Expense Note Payable (3,200 due within one year) Sales Tost or GOoas Sold Cash Retained Earnings, Ending Common Stock Cabbage Company 60,000 9,000 5,000 900 600 26,000 120,000 80,000 6,300 31,400 30,000 cabbage Company Balance Sheet Income Statement Assets Liabilities: Current Liabilities: Other Expenses: Total Current Liabilities Long Term Liabilities: Total Long Term Liab. Total Liabilities Equity: Total Other Expenses Total Equity Total Assets Total Liabilities & Equity

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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