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Accounts payable Accounts receivable Account Accumulated depreciation, building Accumulated depreciation, equipment Accumulated depreciation, furniture Allowance for doubtful accounts Building Cash Balance $ 11,820 20,400 79,800 38,000 21,500 940 137,000 11,600

Accounts payable Accounts receivable Account Accumulated depreciation, building Accumulated depreciation, equipment Accumulated depreciation, furniture Allowance for doubtful accounts Building Cash Balance $ 11,820 20,400 79,800 38,000 21,500 940 137,000 11,600

FINANCIAL ACCOUNTING
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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Safety-First Company completed all of its October 31, 2020, adjustments in preparation for preparing its financial statements, which resulted in the following trial balance. Accounts payable Accounts receivable. Accumulated depreciation, building. Accumulated depreciation, equipment Accumulated depreciation, furniture Allowance for doubtful accounts Building *** Cash Account Equipment Expenses, including cost of goods sold Furniture Land Merchandise inventory Note payable Sales Tarifa Sharma, capital Unearned revenues Asset Land Building Equipment Furniture Other information: 1. All accounts have normal balances. 2. $27,000 of the note payable balance is due by October 31, 2021. Balance $ 11,820 20,400 79,800 38,000 7000 21,500 1040 940 The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule. Recoverable Value $137,000 106, 200 137,000 11,600 90,800 761,800 50,900 105,900 35,500 86,100 904,140 29,200 16,000 63,080 8,520
Transcribed Image Text:Safety-First Company completed all of its October 31, 2020, adjustments in preparation for preparing its financial statements, which resulted in the following trial balance. Accounts payable Accounts receivable. Accumulated depreciation, building. Accumulated depreciation, equipment Accumulated depreciation, furniture Allowance for doubtful accounts Building *** Cash Account Equipment Expenses, including cost of goods sold Furniture Land Merchandise inventory Note payable Sales Tarifa Sharma, capital Unearned revenues Asset Land Building Equipment Furniture Other information: 1. All accounts have normal balances. 2. $27,000 of the note payable balance is due by October 31, 2021. Balance $ 11,820 20,400 79,800 38,000 7000 21,500 1040 940 The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule. Recoverable Value $137,000 106, 200 137,000 11,600 90,800 761,800 50,900 105,900 35,500 86,100 904,140 29,200 16,000 63,080 8,520
2. Prepare a classified balance sheet at October 31, 2020. (Be sure to list the current assets in the order of liquidity and fixed assets in order of land, building, equipment, and furniture. Enter all amounts as positive values.) Current assets: Cash Accounts receivable Less: Allowance for doubtful accounts Merchandise inventory Total current assets Property, plant and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Furniture Less: Accumulated depreciation Total property, plant and equipment Total assets Current liabilities: SAFETY-FIRST COMPANY Balance Sheet October 31, 2020 Assets Accounts payable Current portion of long-term note Unearned revenues Total current liabilities Non-current liabilities: Note payable, less current portion Total liabilities Tarifa Sharma, capital Total liabilities and equity > Answer is not complete. ✓ ✓$ ✓ ›› › › › › › ✓ ✓$ $ 137,000 ✓ 79,800✔ 90,800 x 38,000✔ 50,900 X 21,500✔ ✓ $ ✓ $ $ Liabilities 333 ✓ $ ›> 20,400✔ 940✔ Equity ✓ 11,820✔ 8,520✔ $ 11,600✔ 19,460 35,500✔ $ 105,900 57,200 52,800 29,400 $ 20,340 $ 66,560 245,300 $ 311,860 $ 20,340 205,420 x $ 225,760
Transcribed Image Text:2. Prepare a classified balance sheet at October 31, 2020. (Be sure to list the current assets in the order of liquidity and fixed assets in order of land, building, equipment, and furniture. Enter all amounts as positive values.) Current assets: Cash Accounts receivable Less: Allowance for doubtful accounts Merchandise inventory Total current assets Property, plant and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Furniture Less: Accumulated depreciation Total property, plant and equipment Total assets Current liabilities: SAFETY-FIRST COMPANY Balance Sheet October 31, 2020 Assets Accounts payable Current portion of long-term note Unearned revenues Total current liabilities Non-current liabilities: Note payable, less current portion Total liabilities Tarifa Sharma, capital Total liabilities and equity > Answer is not complete. ✓ ✓$ ✓ ›› › › › › › ✓ ✓$ $ 137,000 ✓ 79,800✔ 90,800 x 38,000✔ 50,900 X 21,500✔ ✓ $ ✓ $ $ Liabilities 333 ✓ $ ›> 20,400✔ 940✔ Equity ✓ 11,820✔ 8,520✔ $ 11,600✔ 19,460 35,500✔ $ 105,900 57,200 52,800 29,400 $ 20,340 $ 66,560 245,300 $ 311,860 $ 20,340 205,420 x $ 225,760
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