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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
45,000
Note: The Statement of Retained Earnings
Equipment
Allowance for Bad Debts
is not needed for this problem because I gave
4,000
you the ending balance in Retained Earnings.
Accumulated Depreciation - Equipment
10,000
Accounts Receivable
Unearned Revenue
Depreciation Expense
ACCounts Payable
Tnterest Expense
60,000
9,000
5,000
006.
600
Note Payable (3,200 due within one year)
Sales
26,000
120,000
80,000
6,300
COST of GOods Sold
Retalhed Earnings, Endiing
Common Stock
Tabbage Company
Income Statement
51,400
30,000
Cabbage Company
Balance Sheet
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 Liabilities & Equity
Total Assets
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