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Please Explain Proper Step by Step and Do Not Give Solution In Image Format And Fast Answering Please Thanks In Advance ?

Please Explain Proper Step by Step and Do Not Give Solution In Image Format And Fast Answering Please Thanks In Advance ?

FINANCIAL ACCOUNTING
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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Please Explain Proper Step by Step and Do Not Give Solution In Image Format And Fast Answering Please Thanks In Advance ?

Account ID Account Description 1001 Cash 1021 Accounts Receivable 1022 Allowance for Doubtful Acc 1027 Interest Receivable 1031 Notes Receivable 1051 Merchandise Inventory 1101 Store Supplies 1111 Office Supplies 1125 Prepaid Insurance 1401 Land 1411 Building 1412 Accum Dep: Building 1431 Office Equipment 1432 Accum Dep: Office Equipm 1451 Store Equipment 1452 Accum Depr: Store Equipm 1501 Patents 2001 Accounts Payable 2005 Income Taxes Payable 2031 Interest Payable 2101 Notes Payable long term Be Prepared Adjusted Trial Balance January 31, 2022 2301 Bonds Payable 2303 Discount on Bonds Payable 3001 Preferred Stock 3011 Common Stock 3101 Paid in Capital In Excess of par: Prefer 3111 Paid in Capital In Excess of par: Com 3121 Paid in Capital Treasury Stock 3300 Retained Earnings 3351 Treasury Stock 4001 Sales Revenue 4002 Sales Discount 4003 Sales Returns & Allowances 4101 Interest Revenue 5001 Cost of Goods Sold 5010 Insurance Expense - General 5012 Repairs Expense: Office 5015 Depreciation Expense: Building - General 5020 Depreciation Exp: Office Eq 5025 Supplies Expense - Selling 5027 Utilities Expense: Office 5030 Office Salaries Expense 5035 Office Payroll Tax Expense 6005 Depreciation Exp: Store Eq 6010 Amortization Expense: Pat-General 6015 Sales Salaries Expense 6020 Sales Payroll Tax Expense 6022 Utilities Expense: Store 6025 Delivery Expense - General 6030 Repairs Expense: Store 6040 Bad Debts Expense - Selling 7001 Interest Expense $ S Debits 521,865.00 $ 24,150.00 63.00 15,000.00 5,450.00 10,500.00 315.00 2,940.00 368,250.00 620,000.00 94,500.00 108,750.00 72,775.00 10,500.00 180,000.00 1,250.00 13,000.00 195,000.00 200.00 2,500.00 850.00 2,500.00 1,200.00 1,500.00 15,000.00 1,200.00 875.00 725.00 10,000.00 800.00 1,100.00 1,000.00 800.00 460.00 7,978.00 2,292,996.00 $ Credits 483.00 48,100.00 18,250.00 16,625.00 25,000.00 7,500.00 4,778.00 200,000.00 375,000.00 412,500.00 115,000.00 15,375.00 265,750.00 180,000.00 83,485.00 525,000.00 150.00 2,292,996.00
Transcribed Image Text:Account ID Account Description 1001 Cash 1021 Accounts Receivable 1022 Allowance for Doubtful Acc 1027 Interest Receivable 1031 Notes Receivable 1051 Merchandise Inventory 1101 Store Supplies 1111 Office Supplies 1125 Prepaid Insurance 1401 Land 1411 Building 1412 Accum Dep: Building 1431 Office Equipment 1432 Accum Dep: Office Equipm 1451 Store Equipment 1452 Accum Depr: Store Equipm 1501 Patents 2001 Accounts Payable 2005 Income Taxes Payable 2031 Interest Payable 2101 Notes Payable long term Be Prepared Adjusted Trial Balance January 31, 2022 2301 Bonds Payable 2303 Discount on Bonds Payable 3001 Preferred Stock 3011 Common Stock 3101 Paid in Capital In Excess of par: Prefer 3111 Paid in Capital In Excess of par: Com 3121 Paid in Capital Treasury Stock 3300 Retained Earnings 3351 Treasury Stock 4001 Sales Revenue 4002 Sales Discount 4003 Sales Returns & Allowances 4101 Interest Revenue 5001 Cost of Goods Sold 5010 Insurance Expense - General 5012 Repairs Expense: Office 5015 Depreciation Expense: Building - General 5020 Depreciation Exp: Office Eq 5025 Supplies Expense - Selling 5027 Utilities Expense: Office 5030 Office Salaries Expense 5035 Office Payroll Tax Expense 6005 Depreciation Exp: Store Eq 6010 Amortization Expense: Pat-General 6015 Sales Salaries Expense 6020 Sales Payroll Tax Expense 6022 Utilities Expense: Store 6025 Delivery Expense - General 6030 Repairs Expense: Store 6040 Bad Debts Expense - Selling 7001 Interest Expense $ S Debits 521,865.00 $ 24,150.00 63.00 15,000.00 5,450.00 10,500.00 315.00 2,940.00 368,250.00 620,000.00 94,500.00 108,750.00 72,775.00 10,500.00 180,000.00 1,250.00 13,000.00 195,000.00 200.00 2,500.00 850.00 2,500.00 1,200.00 1,500.00 15,000.00 1,200.00 875.00 725.00 10,000.00 800.00 1,100.00 1,000.00 800.00 460.00 7,978.00 2,292,996.00 $ Credits 483.00 48,100.00 18,250.00 16,625.00 25,000.00 7,500.00 4,778.00 200,000.00 375,000.00 412,500.00 115,000.00 15,375.00 265,750.00 180,000.00 83,485.00 525,000.00 150.00 2,292,996.00
Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Land Assets Building Accumulated Depreciation, Building Office Equipment Accumulated Depreciation, Office Equipment Store Equipment Accumulated Depreciation, Store Equipment Patents Total Assets Show Transcribed Text Be Prepared Inc. Balance Sheet December 31, 2021 $ S $ 28,875 42,000 52,500 Accounts Payable Income Taxes Payable Mortgage Payable Total Liabilities Liabilities 1,575 3,150 68,250 420,000 (47,250) Preferred Stock 94,500 Common Stock (15,750) Paid in Capital in Excess of par: Preferred 78,750 Paid in Capital in Excess of par: Common (15,750) Retained Earnings 73,500 Total Stockholder's Equity 784,350 Total Liabilities and Stockholder's Equity $ 1. Comparative Balance Sheet for the months of December 2022 and January 2023. 2. Common-size comparative balance sheet for the given data. $ Stockholder's Equity 26,250 7,875 210,000 244,125 262,500 105,000 7,875 75,750 89,100 540,225 784,350 Using Be Prepared, Inc.'s adjusted trial balance and prior period's balance sheet, prepare the following Financial Reports:
Transcribed Image Text:Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Land Assets Building Accumulated Depreciation, Building Office Equipment Accumulated Depreciation, Office Equipment Store Equipment Accumulated Depreciation, Store Equipment Patents Total Assets Show Transcribed Text Be Prepared Inc. Balance Sheet December 31, 2021 $ S $ 28,875 42,000 52,500 Accounts Payable Income Taxes Payable Mortgage Payable Total Liabilities Liabilities 1,575 3,150 68,250 420,000 (47,250) Preferred Stock 94,500 Common Stock (15,750) Paid in Capital in Excess of par: Preferred 78,750 Paid in Capital in Excess of par: Common (15,750) Retained Earnings 73,500 Total Stockholder's Equity 784,350 Total Liabilities and Stockholder's Equity $ 1. Comparative Balance Sheet for the months of December 2022 and January 2023. 2. Common-size comparative balance sheet for the given data. $ Stockholder's Equity 26,250 7,875 210,000 244,125 262,500 105,000 7,875 75,750 89,100 540,225 784,350 Using Be Prepared, Inc.'s adjusted trial balance and prior period's balance sheet, prepare the following Financial Reports:
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