EXHIBIT Account Balances June 1 June 30 $ 8,517 21,798 Accounts payable Accounts receivable Accrued wages payable Accumulated depreciation on building Accumulated depreciation on equipment Bank notes payable Building Capital stock Cash $ 21,315 26,505 2,202 157,950 5,928 29,250 585,000 390,000 66,660 36,660 89,700 26,520 1,974 156,000 5,304 8,385 585,000 390,000 34,983 13,260 89,700 29,835 11,700 4,857 2,451 3,150 221,511 5,559 5,700 Equipment (at cost) Land Merchandise inventory Note receivable, Diane Maynard Other noncurrent assets Other noncurrent liabilities Prepaid insurance Retained earnings Supplies on hand Taxes payable 5,265 2,451 2,826 229,446 6,630 7,224
EXHIBIT Account Balances June 1 June 30 $ 8,517 21,798 Accounts payable Accounts receivable Accrued wages payable Accumulated depreciation on building Accumulated depreciation on equipment Bank notes payable Building Capital stock Cash $ 21,315 26,505 2,202 157,950 5,928 29,250 585,000 390,000 66,660 36,660 89,700 26,520 1,974 156,000 5,304 8,385 585,000 390,000 34,983 13,260 89,700 29,835 11,700 4,857 2,451 3,150 221,511 5,559 5,700 Equipment (at cost) Land Merchandise inventory Note receivable, Diane Maynard Other noncurrent assets Other noncurrent liabilities Prepaid insurance Retained earnings Supplies on hand Taxes payable 5,265 2,451 2,826 229,446 6,630 7,224
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter18: Comparative Forms Of Doing Business
Section: Chapter Questions
Problem 1BD
Related questions
Question
![Case 2-1
Maynard Company (A)*
Diane Maynard made the following request of a
friend:
owned all the stock of Maynard Company. At the end
of June, Diane Maynard paid herself an $11,700 divi-
dend and used the money to repay her loan from the
My bookkeeper has quit, and I need to see the balance
sheets of my company. He has left behind a book with
the numbers already entered in it. Would you be will-
ing to prepare balance sheets for me? Also, any com-
ments you care to make about the numbers would be
apprecinted. The Cash account is healthy, which is a
good sign, and he has told me that the net inconse in
June was S19,635.
company.
Questions
I. Prepare balancp:sheets as of June I and as of June
30, in proper format.
The book contained a detailed record of transac-
tions, and from it the friend was able to copy off the
balanoes at the beginning of the month and at the end
of the month as shown in Exhibit 1. Diane Maynard
Professor Robert N. Anthony.
EXHIBIT 1 Account Balances
June 1
$ 8,517
21,798
1,974
156,000
5,304
8,385
585,000
390,000
34,983
13,260
89,700
29,835
11,700
4,857
2,451
3,150
221,511
5,559
5,700
June 30
$ 21,315
26,505
2,202
157,950
5,928
29,250
585,000
390,000
66,660
36,660
89,700
26,520
Accounts payable
Accounts receivable
Accrued wages payable
Accumulated depreciation on building
Accumulated depreciation on equipment
Bank notes payable
Building
Capital stock
Cash
Equipment (at cost)
Land
Merchandise inventory
Note receivable, Diane Maynard
5,265
2,451
2,826
229,446
6,630
7,224
Other noncurrent assets
Other noncurrent liabilities
Prepaid insurance
Retained earnings
Supplies on hand
Taxes payable](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1c891092-0984-4e95-befb-552b189e7fbc%2F4889a0ca-7400-4987-a02b-3f2bdb848b18%2Fa3a2jyu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Case 2-1
Maynard Company (A)*
Diane Maynard made the following request of a
friend:
owned all the stock of Maynard Company. At the end
of June, Diane Maynard paid herself an $11,700 divi-
dend and used the money to repay her loan from the
My bookkeeper has quit, and I need to see the balance
sheets of my company. He has left behind a book with
the numbers already entered in it. Would you be will-
ing to prepare balance sheets for me? Also, any com-
ments you care to make about the numbers would be
apprecinted. The Cash account is healthy, which is a
good sign, and he has told me that the net inconse in
June was S19,635.
company.
Questions
I. Prepare balancp:sheets as of June I and as of June
30, in proper format.
The book contained a detailed record of transac-
tions, and from it the friend was able to copy off the
balanoes at the beginning of the month and at the end
of the month as shown in Exhibit 1. Diane Maynard
Professor Robert N. Anthony.
EXHIBIT 1 Account Balances
June 1
$ 8,517
21,798
1,974
156,000
5,304
8,385
585,000
390,000
34,983
13,260
89,700
29,835
11,700
4,857
2,451
3,150
221,511
5,559
5,700
June 30
$ 21,315
26,505
2,202
157,950
5,928
29,250
585,000
390,000
66,660
36,660
89,700
26,520
Accounts payable
Accounts receivable
Accrued wages payable
Accumulated depreciation on building
Accumulated depreciation on equipment
Bank notes payable
Building
Capital stock
Cash
Equipment (at cost)
Land
Merchandise inventory
Note receivable, Diane Maynard
5,265
2,451
2,826
229,446
6,630
7,224
Other noncurrent assets
Other noncurrent liabilities
Prepaid insurance
Retained earnings
Supplies on hand
Taxes payable
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