Cash Accounts Receivable Inventory Land Building Building - Accumulated depreciation Equipment Equipment - Accumulated depreciation Accounts Payable Sales Tax Payable Long-term Debt Common Shares Retained Earnings Sales Revenue Gain on sale of equipment Interest Revenue Rent Expense Wages Expense Advertising Expense Other Expenses Interest Expense Income Tax Expense TOTALS REQUIRED $ es $ Y5 166,884 $ 141,145 74,690 225,000 450,000 150,000 305,000 82,000 90,117 2,984 280,000 150,000 290,734 1,038,874 1,067 56,944 569,437 22,650 56,944 5,694 11,389 In good form - prepare for Y5: Income Statement (single step) Balance Sheet (not classified) Statement of Retained Earnings Statement of Cash Flow (indirect method) 0 $ Y4 56,120 126,314 68,941 125,000 450,000 125,000 250,000 75,000 84,102 1,539 250,000 100,000 60,908 915,874 10,263 25,963 458,960 16,559 36,599 5,641 2,589 ADDITIONAL INFORMATION - For Y5 Equipment was purchased for cash Equipment with a cost of $20,000 and accumulated depreciation of $9,000 was sold Dividends were declared and paid Depreciation expense is included in Other Expenses Land was purchased for cash
Cash Accounts Receivable Inventory Land Building Building - Accumulated depreciation Equipment Equipment - Accumulated depreciation Accounts Payable Sales Tax Payable Long-term Debt Common Shares Retained Earnings Sales Revenue Gain on sale of equipment Interest Revenue Rent Expense Wages Expense Advertising Expense Other Expenses Interest Expense Income Tax Expense TOTALS REQUIRED $ es $ Y5 166,884 $ 141,145 74,690 225,000 450,000 150,000 305,000 82,000 90,117 2,984 280,000 150,000 290,734 1,038,874 1,067 56,944 569,437 22,650 56,944 5,694 11,389 In good form - prepare for Y5: Income Statement (single step) Balance Sheet (not classified) Statement of Retained Earnings Statement of Cash Flow (indirect method) 0 $ Y4 56,120 126,314 68,941 125,000 450,000 125,000 250,000 75,000 84,102 1,539 250,000 100,000 60,908 915,874 10,263 25,963 458,960 16,559 36,599 5,641 2,589 ADDITIONAL INFORMATION - For Y5 Equipment was purchased for cash Equipment with a cost of $20,000 and accumulated depreciation of $9,000 was sold Dividends were declared and paid Depreciation expense is included in Other Expenses Land was purchased for cash
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:3 Cash
Accounts Receivable
0 Inventory
1 Land
2 Building
3 Building - Accumulated depreciation
4 Equipment
5 Equipment - Accumulated depreciation
6 Accounts Payable
7 Sales Tax Payable
8 Long-term Debt
9 Common Shares
O Retained Earnings
1 Sales Revenue
2 Gain on sale of equipment
3 Interest Revenue
4 Rent Expense
5 Wages Expense
6 Advertising Expense
7 Other Expenses
Interest Expense
Income Tax Expense
0 TOTALS
2 REQUIRED
3
4
5
6
7
8
9
-0
$
$
Y5
166,884 $ 56,120
141,145
126,314
74,690
68,941
225,000
125,000
450,000
450,000
150,000
125,000
305,000
250,000
82,000
75,000
84,102
1,539
250,000
100,000
60,908
915,874
90,117
2,984
280,000
150,000 -
290,734 -
1,038,874
1,067
56,944
569,437
22,650
56,944
5,694
11,389
In good form - prepare for Y5:
Income Statement (single step)
Balance Sheet (not classified)
Statement of Retained Earnings
Statement of Cash Flow (indirect method)
Y4
0 $
10,263
25,963
458,960
16,559
36,599
5,641
2,589
ADDITIONAL INFORMATION - For Y5
Equipment was purchased for cash
Equipment with a cost of $20,000
and accumulated depreciation of $9,000 was sold
Dividends were declared and paid
Depreciation expense is included in Other Expenses
Land was purchased for cash
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 4 images

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education