**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

Section: Chapter Questions

Problem 1Q

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The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company. Account Title Credits Cash Debits $ 105,000. 200,000 305,000 188,000 360,000 180,000 Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation Investments Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals $ 1,338,000 $ 130,000 80,000 40,000 100,000 50,000 300,000 36,000 420,000 182,000 $ 1,338,000 Additional information: 1. Prepaid expenses include $160,000 paid on December 31, 2024, for two year of rent on the building that houses both the administrative offices and the manufacturing facility. 2. Investments include $50,000 in Treasury bills purchased on November 30, 2024. The bills mature on January 30, 2025. The remaining $130,000 is an investment in equity securities that the company intends to sell in the next year. 3. Deferred revenue…
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EXERCISE 20-2 Below are the unclassified financial statements for Rorrow Ltd. for the year ended December 31, 2020: Required: Rorrow Ltd. Balance Sheet As at December 31, 2020 Cash Accounts receivable (net) Inventory Prepaid insurance expenses Equipment Accumulated depreciation, equipment Total assets EXERCISE 20-3 Accounts payable Salaries and wages payable 370 Statement of Cash Flows Accrued interest payable Bonds payable, due July 31, 2028 Common shares Retained earnings Total liabilities and shareholders' equity Cost of goods sold Salaries and benefits expense Depreciation expense Interest expense Insurance expense Income tax expense 2020 2019 $ 152,975 $ 86,000 239,080 Net Income 321,640 801,410 37,840 Rorrow Ltd. Income Statement For the Year Ended December 31, 2020 Sales Expenses 2,564,950 2,156,450 (625,220) (524,600) $3,253,505 $2.842,750 $ 478,900 $ 494,500 309,000 97,180 322,500 430,000 1,509,300 1,204,000 307,450 524,385 $3,253,595 $2,842,730 312,300 106,210 855,700 30,100…
The balance sheets for Dual Monitors Corporation and additional information are provided below. DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024: 1. Net Income is $150,600. 2. Sales on account are $1,215,500. (All sales are credit sales.) 3. Cost of goods sold is $973,400. Complete this question by entering your answers in the tabs below. a. Gross profit ratio b. Return on assets c. Profit margin d. Asset turnover e. Return on equity 2024 19.9 % 13.9 % %6 $208,600 60,000 86,000 3,100 times %6 390,000 390,000 700,000 580,000 (338,000) (178,000)…
Instructions: (Assume all transactions during the year were for cash.) a. Prepare the journal entry to record the sale of the available-for-sale debt securities in 2020. b. Prepare the journal entry to record the Unrealized Holding Gain or Loss for 2020. c. Prepare a statement of comprehensive income for 2020. d. Prepare a balance sheet as of December 31, 2020
Plz help this is all the information for this question
Particulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in FinancialAssets- 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15 Calculate the debt-equity ratio & comment
subject. financial management. please help.
Subject:Accounting
l-Itihad Corporation Balance SheetDecember 31, 2019AssetsLiability & EquityCurrent AssetsCurrent LiabilityCash$5,000Accounts payable22,000Short term securities10,000Accrual Account8,000Account Receivables30,000Short term debt6,000Inventory32,000Total Current Liability36,000Long-term debt40,000Total Current Assets77,000TotalLiability76,000Long term AssetsEquityNet Property & equipment70,000CommonStocks64,000Retained earnings17,000Total Equity81,000Total Liability and Equity157,000Other assts 10000Total Assets157,000Sur Corporation Income StatementDecember 31, 2019Other Financial information of Sur corporation December 31, 2019Net sales (revenue)$150,000· Average Number of Common shares outstanding 16,000 Shares· Market price of Common share $3.5Cost of goods sold80,000Gross profit70,000Operating expenses30,000EBIT- (Operating profit)40,000Interest expense10,000EBT- ( Earnings before taxes)30,000Income tax 10,000Net Income (net profit)20,000You have to find the following ratios…
Make comments on this table
1）Statement profit or loss and other comprehensive income for the year ended 31 january 2020 2) Statement of financial position as at 31 january 2020

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