Kevin Smith, financial officer of Benson Inc., showed the following unadjusted account balances at January 31, 2023, its year end. Other information: There was one reconciling item on the bank reconciliation: an NSF cheque for $800. A review of the Prepaid Rent account showed that the balance represents rent for two months beginning January 1, 2023. Annual depreciation on the boats is $3,780. Annual depreciation on the furniture is $3,560. Use this information to prepare the January 31, 2023 classified balance sheet. xxx F 团 + (select one) Balance Sheet (select one) Account Balance Accounts payable 24,800 Accounts receivable 5,600 Accumulated depreciation, boats, 41,820 Accumulated depreciation, furniture, 30,360 Boats 49,220 Bonds payable (due August, 2031). 24,800 Cash 12,400 Commissions earned 19,400 Consulting revenue earned 6,700 Copyright 14,300 Dividends 6,600 Furniture 46,360 Insurance expense 3,800 Land 13,300 Long-term notes payable, 25,000 Long-term investment in shares 19,800 Petty cash, 2,500 Prepaid rent 38,600 Property taxes expense 9,800 Rent earned 14,700 Rent expense 7,800 Rent receivable 12,600 Retained earnings 40,600 Share capital 2,900 Supplies, 13,200 Unearned rent 24,800

Kevin Smith, financial officer of Benson Inc., showed the following unadjusted account balances at January 31, 2023, its year end. Other information: There was one reconciling item on the bank reconciliation: an NSF cheque for $800. A review of the Prepaid Rent account showed that the balance represents rent for two months beginning January 1, 2023. Annual depreciation on the boats is $3,780. Annual depreciation on the furniture is $3,560. Use this information to prepare the January 31, 2023 classified balance sheet. xxx F 团 + (select one) Balance Sheet (select one) Account Balance Accounts payable 24,800 Accounts receivable 5,600 Accumulated depreciation, boats, 41,820 Accumulated depreciation, furniture, 30,360 Boats 49,220 Bonds payable (due August, 2031). 24,800 Cash 12,400 Commissions earned 19,400 Consulting revenue earned 6,700 Copyright 14,300 Dividends 6,600 Furniture 46,360 Insurance expense 3,800 Land 13,300 Long-term notes payable, 25,000 Long-term investment in shares 19,800 Petty cash, 2,500 Prepaid rent 38,600 Property taxes expense 9,800 Rent earned 14,700 Rent expense 7,800 Rent receivable 12,600 Retained earnings 40,600 Share capital 2,900 Supplies, 13,200 Unearned rent 24,800

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 5C: It is February 16, 2020, and you are auditing Davenport Corporation's financial statements for 2019...

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In order to preserve cash, Splish Inc. negotiated with one of its supplies for amount owing on account. $109, 087 was paid off by signing a zero interest note on June 1, 2023, due June 1, 2028, for $153, 000. What annual rate of interest is being paid by Splish?
On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $122,100 on December 31, 2022. The proceeds of the note were $115,800. Use the horizontal model to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. Indicate the financial statement effect. Use the horizontal model to show the effects of recording interest expense for the month of September. Indicate the financial statement effect. Use the horizontal model to show the effects of repaying the note on December 31, 2022. Indicate the financial statement effect.