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Below are trial balances for Deana's decorators: Cash Accounts Receivable Interest Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Long-Term Investments Accounts Payable Dividend Payable Unearned Revenue Short-Term Notes Payable Interest Payable Income Taxes Payable Common Stock ($1 par value) Additional Paid-in Capital Retained Earnings Treasury stock (100 shares, at cost) Decorating Revenue Investment Income Wage Expense Utilities Expense Telephone Expense Supplies Expense Insurance Expense Depreciation Expense Interest Expense Income Tax Expense Totals Deana's Decorators Trial Balances December 31, 2020 Unadjusted TB Debit $ 42,250 3,000 1,200 800 12,500 40,000 20,000 750 1,200 32,000 1,000 500 1,000 5,500 2,000 3,000 26,110 $192,810 Credit $ 2,000 250 750 100 30,000 3,000 26,110 1,000 9,000 119,400 1,200 $192,810 Adjusted TB Debit $ 43,450 4,000 1,200 800 Required: 1. Prepare a classified balance sheet for Deana's decorators 2. Calculate the number of shares outstanding for Deana's decorators 3. Calculate the estimated remaining life of Deana's equipment as of January 1, 2021 10,500 40,000 20,000 750 32,000 1,000 500 1,000 7,500 2,000 3,000 26,110 $193,810 Credit $ 2,000 250 750 100 30,000 3,000 26,110 1,000 9,000 120,400 1,200 $193,810

Below are trial balances for Deana's decorators: Cash Accounts Receivable Interest Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Long-Term Investments Accounts Payable Dividend Payable Unearned Revenue Short-Term Notes Payable Interest Payable Income Taxes Payable Common Stock ($1 par value) Additional Paid-in Capital Retained Earnings Treasury stock (100 shares, at cost) Decorating Revenue Investment Income Wage Expense Utilities Expense Telephone Expense Supplies Expense Insurance Expense Depreciation Expense Interest Expense Income Tax Expense Totals Deana's Decorators Trial Balances December 31, 2020 Unadjusted TB Debit $ 42,250 3,000 1,200 800 12,500 40,000 20,000 750 1,200 32,000 1,000 500 1,000 5,500 2,000 3,000 26,110 $192,810 Credit $ 2,000 250 750 100 30,000 3,000 26,110 1,000 9,000 119,400 1,200 $192,810 Adjusted TB Debit $ 43,450 4,000 1,200 800 Required: 1. Prepare a classified balance sheet for Deana's decorators 2. Calculate the number of shares outstanding for Deana's decorators 3. Calculate the estimated remaining life of Deana's equipment as of January 1, 2021 10,500 40,000 20,000 750 32,000 1,000 500 1,000 7,500 2,000 3,000 26,110 $193,810 Credit $ 2,000 250 750 100 30,000 3,000 26,110 1,000 9,000 120,400 1,200 $193,810

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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Below are trial balances for Deana's decorators: Cash Accounts Receivable Interest Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Long-Term Investments Accounts Payable Dividend Payable Unearned Revenue Short-Term Notes Payable Interest Payable Income Taxes Payable Common Stock ($1 par value) Additional Paid-in Capital Retained Earnings Treasury stock (100 shares, at cost) Decorating Revenue Investment Income Wage Expense Utilities Expense Telephone Expense Supplies Expense Insurance Expense Depreciation Expense Interest Expense Income Tax Expense Totals Deana's Decorators Trial Balances December 31, 2020 1800- Unadjusted TB Debit $ 42,250 3,000 1,200 800 12,500 40,000 20,000 750 1,200 32,000 1,000 500 1,000 5,500 2,000 3,000 26,110 $192,810 BE Credit $ 2,000 250 750 100 30,000 3,000 26,110 1,000 9,000 119,400 1,200 Adjusted TB Credit Debit $ 43,450 4,000 1,200 800 Required: 1. Prepare a classified balance sheet for Deana's decorators 2. Calculate the number of shares outstanding for Deana's decorators 3. Calculate the estimated remaining life of Deana's equipment as of January 1, 2021 10,500 40,000 20,000 750 32,000 1,000 500 1,000 7,500 2,000 3,000 26,110 $192,810 $193,810 $ 2,000 250 750 100 30,000 3,000 26,110 1,000 9,000 120,400 1,200 $193,810
Transcribed Image Text:Below are trial balances for Deana's decorators: Cash Accounts Receivable Interest Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Long-Term Investments Accounts Payable Dividend Payable Unearned Revenue Short-Term Notes Payable Interest Payable Income Taxes Payable Common Stock ($1 par value) Additional Paid-in Capital Retained Earnings Treasury stock (100 shares, at cost) Decorating Revenue Investment Income Wage Expense Utilities Expense Telephone Expense Supplies Expense Insurance Expense Depreciation Expense Interest Expense Income Tax Expense Totals Deana's Decorators Trial Balances December 31, 2020 1800- Unadjusted TB Debit $ 42,250 3,000 1,200 800 12,500 40,000 20,000 750 1,200 32,000 1,000 500 1,000 5,500 2,000 3,000 26,110 $192,810 BE Credit $ 2,000 250 750 100 30,000 3,000 26,110 1,000 9,000 119,400 1,200 Adjusted TB Credit Debit $ 43,450 4,000 1,200 800 Required: 1. Prepare a classified balance sheet for Deana's decorators 2. Calculate the number of shares outstanding for Deana's decorators 3. Calculate the estimated remaining life of Deana's equipment as of January 1, 2021 10,500 40,000 20,000 750 32,000 1,000 500 1,000 7,500 2,000 3,000 26,110 $192,810 $193,810 $ 2,000 250 750 100 30,000 3,000 26,110 1,000 9,000 120,400 1,200 $193,810
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