**Balance Sheet Preparation for TNT Fireworks****Date:** January 31, 2021This template is used to prepare a classified balance sheet for TNT Fireworks. The balance sheet is structured to display the company's financial position as of January 31, 2021. It is divided into two main sections: Assets and Liabilities, along with Stockholders' Equity.### Assets1. **Current Assets:** - Various lines are provided to enter different types of current assets. - Total Current Assets: $0 (to be calculated based on entries).2. **Additional Assets:** - Lines are available to enter other types of assets that the company holds.3. **Total Assets:** - $0 (This is the sum of all assets listed above, requires calculation and entry).### Liabilities1. **Current Liabilities:** - Lines for entering different current liabilities. - Total Current Liabilities: $0 (to be calculated).2. **Stockholders' Equity:** - Various lines to input details related to stockholders' equity.3. **Total Stockholders' Equity:** - $0 (requires calculation of the sum of stockholders' equity items).4. **Total Liabilities and Stockholders' Equity:** - $0 (This figure should match the total assets for balance).**Important Note:** Deductible amounts should be indicated with a minus sign.This balance sheet format helps organize financial data to present a clear view of the company's financial standing. Adjust the entries in each section to reflect the actual figures corresponding to the company's accounts. The balance sheet must balance, meaning total assets should equal total liabilities and stockholders' equity. **On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:**| Accounts | Debit | Credit ||----------------------------------------|----------|----------|| Cash | $59,000 | || Accounts Receivable | 25,600 | || Allowance for Uncollectible Accounts | | $2,500 || Inventory | 36,600 | || Notes Receivable (5%, due in 2 years) | 15,600 | || Land | 158,000 | || Accounts Payable | | 15,100 || Common Stock | | 223,000 || Retained Earnings | | 54,200 || **Totals** | $294,800 | $294,800 |**During January 2021, the following transactions occur:**- **January 1:** Purchase equipment for $19,800. The company estimates a residual value of $1,800 and a six-year service life.- **January 4:** Pay cash on accounts payable, $9,800.- **January 8:** Purchase additional inventory on account, $85,900.- **January 15:** Receive cash on accounts receivable, $22,300.- **January 19:** Pay cash for salaries, $30,100.- **January 28:** Pay cash for January utilities, $16,800.- **January 30:** Sales for January total $223,000. All of these sales are on account. The cost of the units sold is $116,500.**Information for adjusting entries:**a. Depreciation on the equipment for the month of January is calculated using the straight-line method.b. The company estimates future uncollectible accounts. The company determines $3,300 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 2% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)c. Accrued interest revenue on notes receivable for January.d. Unpaid salaries at the end of January are

Balance sheet is one of the financial statement of business, which shows all assets, all liabilities…

Answered: 5. Prepare a classified balance sheet…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question 9 Comparative balance sheets of Belch Ltd for 2022 and 2021 are as follows. Assets Current assets Cash Accounts receivable Notes receivable Inventories Total current assets Noncurrent assets Land Machinery Accumulated depreciation Total noncurrent assets Total assets Liabilities and shareholders' equity Current liabilities Accounts payable Interest payable Total current liabilities Long-term debt Total liabilities Belch Ltd Comparative Statement of Financial Position Dec. 31, 2022 Dec. 31, 2021 Shareholders equity Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 200,000 160,000 70,000 399.000 829,000 525,000 483,000 (143,000) 865,000 $1,694,000 $ 145,000 17,500 162,500 350.000 512,500 650,000 531.500 1.181,500 $1,694,000 $ 188,000 133,000 61,000 326,000 708,000 500,000 238,000 (97,500) 640,500 $1,348.500 $ 153,000 15,000 168,000 200,000 368,000 550,000 430,500 980,500 $1,348,500 Additional information: 1. Net income is…
An extract from a computer company's 2021 financial statements follows: Balance sheet As of December 31, 2021 As of December 31, 2020 Total assets 57,699 54,013 Total liabilities 37,682 37,919 Total stockholders' equity 20,017 16,096 What was the company's debt-to- equity ratio for 2021? OA. 2.5 OB. 1.6 O C. 0.9 O D. 1.9
Determine Total Current Liabilities as of December 31, 2023: Select one: a. $27,300 b. $39,900 c. $144,900 d. $132,300 e. $247,350
4) 16.63 5) 16.07 Please help me with correct answer thanku
EX.17-179.ALGO The following information was from Slater Company's balance sheet: Fixed assets (net) Long-term liabilities Total liabilities Total stockholders' equity $2,049,082 504,700 686,080 2,144,000 Round your answers to two decimal places. a. Determine the company's ratio of fixed assets to long-term liabilities. b. Determine the company's ratio of liabilities to stockholders' equity.
PLEASE DO PART D AND E, THANK YOU.
6d photo, thank you.
The summarized balance sheet of WIPRO Itd forthe year ended 31/03/2020 and 31/03/2021 are given below. Prepare funds flow statement. Liabilities Equity share capital General Reserve Pro fit&loss a/c Sundry Creditor Provision for Tax 2020 5,00,000 2,00,000 40,000 1,58,000 45,000 2021 Assets 2020 2021 Land & Building 6,00,000 2,20,000 1,32,000 1,72,000 30,000 1,80,000 Plant and Machinery 2,10,000 80,000 2,00,000 1,70,000 1,03,000 9,43,000 3,00,000 2,76,000 95,000 1,90,000 1,95,000 98,000 11,54,000 Other fixed Assets Stock Debtors Cash at bank Total 9,43,000 The following adjustment the company faces during the year. 11,54,000 Total Dividend Rs. 30,000 was paid during the year. An old machinery costing 1,20.000 was sold for 1,00,000 and the depreciation Rs 50,000.
Please do not give solution in image format and show all calculation thanku
! Required information Problem 12-6A (Algo) Use ratios to analyze risk and profitability (LO12-3, 12-4) [The following information applies to the questions displayed below.] Income statements and balance sheets data for Virtual Gaming Systems are provided below. Net sales Cost of goods sold Gross profit Expenses: VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended December 31 2025 $3,495,000 2,477,000 1,018,000 Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income 952,000 27,000 16,500 7,700 1,003, 200 14,800 2024 $3,021,000 1,947,000 1,074,000 855,000 25,500 7,700 13,500 46,500 948, 200 125,800
Balance Sheet Prepare a vertical analysis of the balance sheets for Year 4 and Year 3. Note: Percentages may not add exactly due to rounding. Round your answers to 2 decimal places. (L.e., .2345 should be entered as 23.45). Assats Current assets Cash Income Statement Marketable securities Accounts receivable (net) Inventories Prepaid Items Total current assets Investments Plant (net) Land Total long-term assets Total assets Liabilities and stockholders' equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable Total current liabilities Noncurrent liabilities Bonds payable Other FANNING COMPANY Vertical Analysis of Balance Sheeta Year 4 Total noncurrent liabilales Total abilities Stockholders' equity Preferred stock (par value $10, 4% cumulative, nonparticipating: 6,600 shares authorized and issued) Common stock (no par; 50,000 shares authorized; 10,000 shares issued) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity…

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