P 58,850 32,400 2,500 Service Fee Income 19,000 2,575 238,000 5,950 Sales Salaries 432,000 21,600 Store Supplies Expense 15,000 50,000 Utilities Expense 600 Mel, Capital Membership Fee Cash Accounts Receivable Allowance for Bad Debts Notes Receivable Unexpired Insurance Furniture & Fixtures Accumulated Depn. - Furniture Equipment Accumulated Depn. - Equipment Accounts Payable Notes Payable Unearned Commissions Jay, Capital Jay, Personal 40,000 945,900 1,530,500 300,160 108,970 644,000 346,000 150,000 3,400 2,090 310,850 10,610 5,455 15,000 Advertising Expense Taxes and Licenses Rent Office Salaries Office Supplies Expense Interest Expense 60,000 Interest Income 3,600 Loss on Foreign Exchange Partnership agreement calls for the following: Monthly salary allowance of P5,000 for Mel and P7,500 for Jay, 12% interest on capital balances, and residual profit to be shared equally.

P 58,850 32,400 2,500 Service Fee Income 19,000 2,575 238,000 5,950 Sales Salaries 432,000 21,600 Store Supplies Expense 15,000 50,000 Utilities Expense 600 Mel, Capital Membership Fee Cash Accounts Receivable Allowance for Bad Debts Notes Receivable Unexpired Insurance Furniture & Fixtures Accumulated Depn. - Furniture Equipment Accumulated Depn. - Equipment Accounts Payable Notes Payable Unearned Commissions Jay, Capital Jay, Personal 40,000 945,900 1,530,500 300,160 108,970 644,000 346,000 150,000 3,400 2,090 310,850 10,610 5,455 15,000 Advertising Expense Taxes and Licenses Rent Office Salaries Office Supplies Expense Interest Expense 60,000 Interest Income 3,600 Loss on Foreign Exchange Partnership agreement calls for the following: Monthly salary allowance of P5,000 for Mel and P7,500 for Jay, 12% interest on capital balances, and residual profit to be shared equally.

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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2. Information: Prepaid insurance Accrued salaries Petty cash Investment in trading securities Total current assets Cash 200 150 1,200 4,560 600 Inventory, at sales value (cost = S1,500) 2,100 Unearned rent 40 Allowance for bad debts 150 Office supplies Accounts receivable 110 800 Required: Prepare the current asset section of the balance sheet. to
COMPLETE THE WORKSHEET
eceivables in the Balance Sheet The following partial balance sheet contains errors. ZABEL COMPANYBalance SheetDecember 31, 20Y4 Assets Current assets: Cash $76,000 Notes receivable $117,500 Less interest receivable 9,300 108,200 Account receivable $477,000 Plus allowance for doubtful accounts 21,750 498,750 Prepare a corrected partial balance sheet for Zabel Company.
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