CHAPTER 1 ACCOUNTING THE LANGUE OF SU s 45 Shown below in random order is a st of halance sheet items for Rad River Farms at September 3o, 1997: Land...... Barns and sheds Notes payable... Accounts receivable Citrus trees Accounts payable Property taxes payablo a. Prepare a balance sheet by using these items and computing the amount for Hollis Roberts, capital. Use a sequence of assets similar to that illustrated on page 1 (After "Barns and sheds" you may list the remaining assets in any order.) Includ a proper heading for your balance sheet. b. Assume that on September 30, immediately after this balance sheet was prepared, a tornado completely destroyed one of the barns. This barn had a cost of $23,800, and was not insured against this type of disaster. Explain what changes would be required in your September 30 balance sheet to reflect the loss of this barn. $550,000 78,300 Irrigation system 530,000 22,365 76,650 77,095 9,135 Fonces & gates $33.570 20,125 16,710 120,780 42,970 ........ ....... Cash Livestock Farm machinery. Hollis Roberts, capital Wages payable *... ..... ..... ....... 1,820 .... ........

CHAPTER 1 ACCOUNTING THE LANGUE OF SU s 45 Shown below in random order is a st of halance sheet items for Rad River Farms at September 3o, 1997: Land...... Barns and sheds Notes payable... Accounts receivable Citrus trees Accounts payable Property taxes payablo a. Prepare a balance sheet by using these items and computing the amount for Hollis Roberts, capital. Use a sequence of assets similar to that illustrated on page 1 (After "Barns and sheds" you may list the remaining assets in any order.) Includ a proper heading for your balance sheet. b. Assume that on September 30, immediately after this balance sheet was prepared, a tornado completely destroyed one of the barns. This barn had a cost of $23,800, and was not insured against this type of disaster. Explain what changes would be required in your September 30 balance sheet to reflect the loss of this barn. $550,000 78,300 Irrigation system 530,000 22,365 76,650 77,095 9,135 Fonces & gates $33.570 20,125 16,710 120,780 42,970 ........ ....... Cash Livestock Farm machinery. Hollis Roberts, capital Wages payable *... ..... ..... ....... 1,820 .... ........

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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Complete the followin Common Size Balance Sheet: Amount Percent Cash $ 600 (c) _____________________________ Accounts Receivable 1,400 (d)_____________________________ Total Aseets $ 2,000 (e) _______________________________ Accounts Payable 400 (f) _______________________________ Notes Payable 800 (g)________________________________ Total Liabilities 1,200 (h)…
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Construct a proper Balance Sheet using the following accounts: Checking 45,000 Inventory 8,000 Accounts Receivable 10,000 Land 35,000 60,000 (10,000) Buildings Accumulated Depreciation Accounts Payable Notes Payable Retained Earnings Contruct a proper Income Statement using the following accounts Sales Sales Returns and Allowances Utilities Expense Insurance Expense Salaries Expense 10,000 22,000 116,000 Rent Expense Cost of Goods Sold Depreciation Expense 100,000 5,000 1,200 1,500 45,000 12,000 30,000 3,000
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