**Davis Company Balance Sheet Preparation**For the fiscal period ending on December 31, a balance sheet is required. It is essential to determine the net book value for both equipment and buildings.### Account Balances**Assets:**- Accounts Receivable: \$49,300- Buildings: \$105,000- Capital Stock: \$44,800- Cash: \$54,500- Equipment: \$38,400- Prepaid Rent: \$12,400- Supplies: \$11,200**Liabilities:**- Accounts Payable: \$64,600- Salaries Payable: \$3,000**Equity:**- Beginning Retained Earnings: \$56,400- Dividends: \$20,300- Service Revenue: \$91,500**Expenses:**- Accumulated Depreciation, Buildings: \$46,200- Accumulated Depreciation, Equipment: \$17,300- Depreciation Expense, Buildings: \$8,700- Depreciation Expense, Equipment: \$9,400- Rent Expense: \$6,500- Salaries Expense: \$3,400- Supplies Expense: \$4,700### Additional Notes:To complete the balance sheet, use the given values to list all assets, liabilities, and equity sections. Make sure to subtract accumulated depreciation from the respective asset values to obtain the net book values for buildings and equipment.The balance sheet should reflect the company's financial position as of December 31, indicating a clear separation between current and non-current assets, as well as current and long-term liabilities.**Davis CompanyBalance SheetDecember 31**#### Assets- Current Assets - Cash: \$54,500 - Accounts Receivable: \$49,300 - Prepaid Rent: \$12,400 - Supplies: \$11,200- Non-Current Assets - Buildings: \$105,000 - Accumulated Depreciation, Buildings: \$46,200 - Net Book Value of Buildings: $\left(105,000 - 46,200\right) = \$58,800$ - Equipment: \$38,400 - Accumulated Depreciation, Equipment: \$17,300 - Net Book Value of Equipment: $\left(38,400 - 17 **Davis Company Balance Sheet***December 31***Assets**- **Current Assets:** - (Choose one)___________ $ ____________ - Total Current Assets: $ ___________ - **Property, Plant, and Equipment:** - (Choose one)___________ $ ____________ - Total Property, Plant, and Equipment: $ ___________ - **Total Assets:** $ ___________**Liabilities**- **Current Liabilities:** - (Choose one)___________ $ ____________ - Total Liabilities: $ ___________**Stockholders' Equity**- (Choose one)___________ $ ____________ - **Total Stockholders' Equity:** $ ___________- **Total Liabilities and Stockholders' Equity:** $ ___________**Explanation:**This balance sheet is a financial statement designed to provide an overview of the Davis Company's financial position as of December 31. It categorizes assets and liabilities into current and long-term. **Instructions for Completing the Balance Sheet:**1. **Current Assets:** Choose the specific types of current assets and enter their values. Sum the values to get the total current assets.2. **Property, Plant, and Equipment:** Choose the specific types of property, plant, and equipment and enter their values. Sum the values to get the total for this category.3. **Total Assets:** Sum the total current assets and the total property, plant, and equipment to get the total assets.4. **Current Liabilities:** Choose the specific types of current liabilities and enter their values. Sum the values to get the total current liabilities.5. **Total Liabilities:** The sum of current liabilities will be the total liabilities.6. **Stockholders' Equity:** Choose the specific types of stockholders’ equity and enter their values. Sum the values to get the total stockholders' equity.7. **Total Liabilities and Stockholders' Equity:** This sum must match the total assets, ensuring the balance sheet is balanced.These entries help in assessing the company’s financial health and in making informed business decisions.

The financial statements are prepared by the business entity to show the performance of the…

$ 64600 Dividends $ 20300 Accounts Payable 49300 Accounts Receivable 38400 Equipment 46200 Accumulated Depreciation, Buildings Prepaid Rent 12400 Accumulated Depreciation, 17300 Rent Expense 6500 Equipment Beginning Retained Earnings 56400 Salaries Expense 3400 Buildings 105000 Salaries Payable 3000 Capital Stock 44800 Service Revenue 91500 Cash 54500 Supplies 11200 Depreciation Expense, Buildings 8700 Supplies Expense 4700 Depreciation Expense, 9400 Equipment Required: Prepare a balance sheet on December 31. Hint: You will need to determine the net book value for equipment and buildings. You will also need to dete 0 0 7 O

$ 64600 Dividends $ 20300 Accounts Payable 49300 Accounts Receivable 38400 Equipment 46200 Accumulated Depreciation, Buildings Prepaid Rent 12400 Accumulated Depreciation, 17300 Rent Expense 6500 Equipment Beginning Retained Earnings 56400 Salaries Expense 3400 Buildings 105000 Salaries Payable 3000 Capital Stock 44800 Service Revenue 91500 Cash 54500 Supplies 11200 Depreciation Expense, Buildings 8700 Supplies Expense 4700 Depreciation Expense, 9400 Equipment Required: Prepare a balance sheet on December 31. Hint: You will need to determine the net book value for equipment and buildings. You will also need to dete 0 0 7 O

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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Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 Plant assets Equipment Accumulated depreciation Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net $ 245,000 (125,000) $ 119,000 1 Cash received from the sale of building 2. Depreciation expense 3 Purchase of building $ 445,000 (139,000) $306,000 2020 $335,000 (236,000) $ 99,000 $ 465,000 (324,000) $ 141,000 During 2021, a building with a book value of $83,000 and an original cost of $365,000 was sold at a gain of $73,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2021? 3. What was the cost of buildings purchased by Anders during 2021?
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The following information for Cheyenne Real Estate
Walmart Stores, Inc. Property and Equipment ($ in millions) Land Buildings and improvements Fixtures and equipment Transportation equipment Property under capital lease Property and equipment Accumulated depreciation Property and equipment, net January 31, 2015 $ 26,261 97,496 January 31, 2014 $ 26,184 95,488 45,044 42,971 2,807 2,785 5,787 5,661 177,395 173,089 (63,115) (57,725) $114,280 $115,364
Question1 The following accounts balances and other financial information are drawn from the records of the Fenway Company for 2022. Fenway Company 2022 Net sales Revenue 38,800 Depreciation Expense 500 Unearned Revenue 2600 Accumulated Depreciation 1000 Accounts Receivable 8,000 Operating Expenses 4500 Cost of Goods Sold 26,000 Cash – Ending 4400 Inventory 5,000 Land 20000 Accounts Payable 5,800 Beginning Balance Retained Earnings 8500 Notes Payable 6,000 Common Stock 12000 Supplies 50 Cash received from customers 6400 Supplies Expense 750 Purchased Office Equipment 2500 Office Equipment 3,500 Received Cash from Issuing Stock 3000 Paid Cash for Dividends 2000 Paid Cash for Operating Expenses 1000 Instructions As the Chief Financial Officer (CFO) of a publicly traded company you are charged with evaluating companies in a similar…
Data for adjustments: • Annual depreciation: Office equipment - 20% Furniture & Fixtures - 10%
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