Homework Help is Here – Start Your Trial Now!
Business
Accounting
How would I prepare this balance sheet? I've included the trial balance and below is the statement of stockholder equity:   Common Stock Retained Earnings Total Beginning Balances, September 30 0 0 0 Issued Common Stock             30,000.00                 30,000.00 Net Income   32281.67               32,281.67 Dividends                  (10,000.00)            (10,000.00) Ending Balances, December 31:             30,000.00                   22,281.67               52,281.67

How would I prepare this balance sheet? I've included the trial balance and below is the statement of stockholder equity:   Common Stock Retained Earnings Total Beginning Balances, September 30 0 0 0 Issued Common Stock             30,000.00                 30,000.00 Net Income   32281.67               32,281.67 Dividends                  (10,000.00)            (10,000.00) Ending Balances, December 31:             30,000.00                   22,281.67               52,281.67

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

How would I prepare this balance sheet? I've included the trial balance and below is the statement of stockholder equity:

  Common Stock Retained Earnings Total
Beginning Balances, September 30 0 0 0
Issued Common Stock             30,000.00                 30,000.00
Net Income   32281.67               32,281.67
Dividends                  (10,000.00)            (10,000.00)
Ending Balances, December 31:             30,000.00                   22,281.67               52,281.67
A Company Trial Balance 20xx Unadjusted trial balance Adjusting entries Adjusted trial balance Account Debit Credit Debit Credit Debit Credit Cash 51,436.75 20,500.00 51,436.75 Baking Supplies 19,400.00 1,100.00 Merchandise Inventory 175.65 175.65 Prepaid Rent 1,500.00 1,200.00 1,500.00 Prepaid Insurance 200.00 1,000.00 Baking Equipment Accumulated Depreciation Office Supplies 5,000.00 5,000.00 208.33 208.33 600.00 550.00 50.00 Accounts Receivable 9,700.00 9,700.00 Notes Payable Interest Payable Accounts Payable Wages Payable 10,000.00 10,000.00 150.00 150.00 7,000.00 7,000.00 480.00 480.00 Common Stock 30,000.00 30,000.00 Dividends 10,000.00 10,000.00 Bakery Sales 60,000.00 60,000.00 Merchandise Sales 221.00 221.00 Baking Supplies Expense Rent Expense 19,400.00 19,400.00 4,500.00 4,500.00 Interest Expense 150.00 150.00 Insurance Expense 200.00 200.00 Depreciation Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense 208.33 208.33 250.00 250.00 550.00 550.00 375.00 375.00 200.00 200.00 1,956.00 1,956.00 150.00 150.00 COGS 157.60 157.60 Total: 107,701.00 107,701.00 20,508.33 20,508.33 108,059.33 108,059.33
Transcribed Image Text:A Company Trial Balance 20xx Unadjusted trial balance Adjusting entries Adjusted trial balance Account Debit Credit Debit Credit Debit Credit Cash 51,436.75 20,500.00 51,436.75 Baking Supplies 19,400.00 1,100.00 Merchandise Inventory 175.65 175.65 Prepaid Rent 1,500.00 1,200.00 1,500.00 Prepaid Insurance 200.00 1,000.00 Baking Equipment Accumulated Depreciation Office Supplies 5,000.00 5,000.00 208.33 208.33 600.00 550.00 50.00 Accounts Receivable 9,700.00 9,700.00 Notes Payable Interest Payable Accounts Payable Wages Payable 10,000.00 10,000.00 150.00 150.00 7,000.00 7,000.00 480.00 480.00 Common Stock 30,000.00 30,000.00 Dividends 10,000.00 10,000.00 Bakery Sales 60,000.00 60,000.00 Merchandise Sales 221.00 221.00 Baking Supplies Expense Rent Expense 19,400.00 19,400.00 4,500.00 4,500.00 Interest Expense 150.00 150.00 Insurance Expense 200.00 200.00 Depreciation Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense 208.33 208.33 250.00 250.00 550.00 550.00 375.00 375.00 200.00 200.00 1,956.00 1,956.00 150.00 150.00 COGS 157.60 157.60 Total: 107,701.00 107,701.00 20,508.33 20,508.33 108,059.33 108,059.33
Bakery Balance Sheet As of December 31, 2021 Assets Liabilities and Owners' Equity Current Assets: Current Liabilities: Total Current Liabilities Long Term Liabilities: Total Current Assets Total Long Term Liabilities: Total Liabilities: Shareholder's Equity: Non-Current Assets: show number ao negative as the Total Equity total formula will Baking Equipment (Net) subtract it for you. Total Assets: Total Liabilities & Equity <== Do the debits equal the credits? (they should)
Transcribed Image Text:Bakery Balance Sheet As of December 31, 2021 Assets Liabilities and Owners' Equity Current Assets: Current Liabilities: Total Current Liabilities Long Term Liabilities: Total Current Assets Total Long Term Liabilities: Total Liabilities: Shareholder's Equity: Non-Current Assets: show number ao negative as the Total Equity total formula will Baking Equipment (Net) subtract it for you. Total Assets: Total Liabilities & Equity <== Do the debits equal the credits? (they should)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question

To take this one step further, how would i do the closing and post closing trial balances?

1 2 3 4 5 6 Date 7 8 91 600 A WN86 00 OUAWNO 10 1 12₁ 13) 14 15 16 17₁ 18 19 20 21 22) 23 24 25 26 27 28 29 A 30 31 32 33 A Company Closing Entries Qtr ending 12/31/20xx 31-Dec Bakery Sales Accounts B Merchandise Sales Retained Earnings 31-Dec Retained Earnings Baking Supplies Expense Rent Expense Wages Expense Misc Expense Business License Expense Office Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense COGS 31-Dec Retained Earnings Dividends с Debit 60,000.00 221.00 28,096.93 10,000.00 98,317.93 D Credit 60,221.00 19,400.00 4,500.00 1,956.00 250.00 375.00 i 550.00! 208.33 200.00 200.00 i 150.00 i 150.00 157.60 10,000.00 98,317.93 E
Transcribed Image Text:1 2 3 4 5 6 Date 7 8 91 600 A WN86 00 OUAWNO 10 1 12₁ 13) 14 15 16 17₁ 18 19 20 21 22) 23 24 25 26 27 28 29 A 30 31 32 33 A Company Closing Entries Qtr ending 12/31/20xx 31-Dec Bakery Sales Accounts B Merchandise Sales Retained Earnings 31-Dec Retained Earnings Baking Supplies Expense Rent Expense Wages Expense Misc Expense Business License Expense Office Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense COGS 31-Dec Retained Earnings Dividends с Debit 60,000.00 221.00 28,096.93 10,000.00 98,317.93 D Credit 60,221.00 19,400.00 4,500.00 1,956.00 250.00 375.00 i 550.00! 208.33 200.00 200.00 i 150.00 i 150.00 157.60 10,000.00 98,317.93 E
A Company Post-Closing Trial Balance Qtr. Ending 12/31/20xx Account Cash Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Accounts Payable Wages Payable Interest Payable Notes Payable Common Stock Retained Earnings Total Unadjusted Trial Balance Debit Credit <== Accu <== Do t
Transcribed Image Text:A Company Post-Closing Trial Balance Qtr. Ending 12/31/20xx Account Cash Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Accounts Payable Wages Payable Interest Payable Notes Payable Common Stock Retained Earnings Total Unadjusted Trial Balance Debit Credit <== Accu <== Do t
Solution
Bartleby Expert
SEE SOLUTION
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS