Current Attempt in ProgressThe following information is available for Sheridan CompanyAccounts receivableAccounts payableInterest payableSalaries and wages expenseNotes payableCommon stockInventory$2,000 Cash3,900Save for Later5004,90032,50052,2002,810SuppliesUnearned service revenueSalaries and wages payableDepreciation expenseEquipment (net)ISheridan CompanyBalance SheetAssets$6,2803,790Using the information above, prepare a balance sheet as of December 31, 2022. (Hint: Solve for the missing retained earnings amountafter first determining total assets and total liabilities.) (List assets in order of liquidity)820$740660110,300Liabilities and Stockholders' Equity$$$Attempts: 0 of 1 usedSubmit Answer

Current Attempt in Progress The following information is available for Sheridan Company Accounts receivable Accounts payable Interest payable Salaries and wages expense Notes payable Common stock Inventory $2,000 3,900 500 4,900 32,500 52,200 2,810 Cash Supplies Unearned service revenue Salaries and wages payable Depreciation expense Equipment (net) $6,280 3,790 820 740 660 110,300

Current Attempt in Progress The following information is available for Sheridan Company Accounts receivable Accounts payable Interest payable Salaries and wages expense Notes payable Common stock Inventory $2,000 3,900 500 4,900 32,500 52,200 2,810 Cash Supplies Unearned service revenue Salaries and wages payable Depreciation expense Equipment (net) $6,280 3,790 820 740 660 110,300

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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[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
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