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can you help me fill out the balance sheet

can you help me fill out the balance sheet

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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can you help me fill out the balance sheet
Do you intend to major in one of the College of Business and Economic's majors? Yes Assets Liabilities Shareholders' Equity Diagnostic Check Amount Account Amount Account Amount Account A LSE 87,466 Cash 5,750 Inventory 138,000 Equipment (1,150) Accumulated Depreciation 34,500 Inventory 3,450 Prepaid Insurance (3,450) Cash $ 111,000 Notes Payable 555 Interest Payable $ 116,000 Stock 2,511 Retained Earnings Balance Sheet at April 30: $ Amounts in US $ During May, Its second month of business, Karry no Key, Inc.: Per Unit Total Purchased 300 karaoke machines on account Paid for six months ofinsurance in advance; coverage that begins May1 115.00 S 5/1 34,500 34,500 Accounts Payable True 5/1 3,450 True During Sold 320 karaoke machines on account: May Record the sale 161.00 51,520 Sales Revenue 51,520 Accounts Receivable (36,800) Inventory 46,368 Cash (46,368) Accounts Receivable (20,700) Cash (1,130) Cash (575) Prepaid Insurance (1,150) Accumulated Depreciation Record the cost of the sale 115.00 (36,800) Cost of Goods Sold True During Collected cash from customers from sales made on account 46,368 May True 5/31 Paid for inventory purchased on account 20,700 (20,700) Accounts Payable True 5/31 Declared and paid cash dividend to its shareholders 19 20 (1,130) Dividends (575) Insurance Expense (1,150) Depreciation Expense (1,554) Wages Expense (555) Interest Expense 1,130 True Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30 A1 True A2 True 21 A3 1,554 Wages Payable 555 Interest Payable 1,554 True 22 A4 555 True 23 Column Totals 255,731 127,464 128,267 True 24 25 Chart of Accounts: 26 Accounts Payable 27 Accounts Receivable 28 Accumulated Depreciation 29 Cash 30 Cost of Goods Sold 31 Depreciation Expense 32 Dividends 33 Equipment 34 Insurance Expense Instructions A Journal A Statements Ready 曲 四 100% 71 72 73 Drop Down List: A Journal A Statements + Ready 31 stv MacBook Air 80 888 DII esc FI F3 F4 F7 FB F9 F10 F12 @ %23 $ & 2 3 4 6 7 8 9 delete U { W E R Y P %3D G H K
Transcribed Image Text:Do you intend to major in one of the College of Business and Economic's majors? Yes Assets Liabilities Shareholders' Equity Diagnostic Check Amount Account Amount Account Amount Account A LSE 87,466 Cash 5,750 Inventory 138,000 Equipment (1,150) Accumulated Depreciation 34,500 Inventory 3,450 Prepaid Insurance (3,450) Cash $ 111,000 Notes Payable 555 Interest Payable $ 116,000 Stock 2,511 Retained Earnings Balance Sheet at April 30: $ Amounts in US $ During May, Its second month of business, Karry no Key, Inc.: Per Unit Total Purchased 300 karaoke machines on account Paid for six months ofinsurance in advance; coverage that begins May1 115.00 S 5/1 34,500 34,500 Accounts Payable True 5/1 3,450 True During Sold 320 karaoke machines on account: May Record the sale 161.00 51,520 Sales Revenue 51,520 Accounts Receivable (36,800) Inventory 46,368 Cash (46,368) Accounts Receivable (20,700) Cash (1,130) Cash (575) Prepaid Insurance (1,150) Accumulated Depreciation Record the cost of the sale 115.00 (36,800) Cost of Goods Sold True During Collected cash from customers from sales made on account 46,368 May True 5/31 Paid for inventory purchased on account 20,700 (20,700) Accounts Payable True 5/31 Declared and paid cash dividend to its shareholders 19 20 (1,130) Dividends (575) Insurance Expense (1,150) Depreciation Expense (1,554) Wages Expense (555) Interest Expense 1,130 True Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30 A1 True A2 True 21 A3 1,554 Wages Payable 555 Interest Payable 1,554 True 22 A4 555 True 23 Column Totals 255,731 127,464 128,267 True 24 25 Chart of Accounts: 26 Accounts Payable 27 Accounts Receivable 28 Accumulated Depreciation 29 Cash 30 Cost of Goods Sold 31 Depreciation Expense 32 Dividends 33 Equipment 34 Insurance Expense Instructions A Journal A Statements Ready 曲 四 100% 71 72 73 Drop Down List: A Journal A Statements + Ready 31 stv MacBook Air 80 888 DII esc FI F3 F4 F7 FB F9 F10 F12 @ %23 $ & 2 3 4 6 7 8 9 delete U { W E R Y P %3D G H K
Plus Beginnih Ending Cash Balance ***When preparing your Balance Sheet, do not forget your beginning balances! Karry no Key, Inc. Balance Sheet May 31 n/a n/a 7 Accounts Receivable -8 Inventory 59 Prepaid Insurance 60 n/a n/a n/a n/a n/a 61 Equipment, Net of Accumulated Depreciation 62 63 Accounts Payable n/a n/a n/a n/a n/a 64 65 Notes Payable 66 Interest Payable 67 68 Stock n/a n/a 69 70 n/a 71 Instructions Journal Statements Ready 32 33 Karn Journal Ready FEB
Transcribed Image Text:Plus Beginnih Ending Cash Balance ***When preparing your Balance Sheet, do not forget your beginning balances! Karry no Key, Inc. Balance Sheet May 31 n/a n/a 7 Accounts Receivable -8 Inventory 59 Prepaid Insurance 60 n/a n/a n/a n/a n/a 61 Equipment, Net of Accumulated Depreciation 62 63 Accounts Payable n/a n/a n/a n/a n/a 64 65 Notes Payable 66 Interest Payable 67 68 Stock n/a n/a 69 70 n/a 71 Instructions Journal Statements Ready 32 33 Karn Journal Ready FEB
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