Prepare a balance sheet, assuming that the current portion of the note payable is $7,000
Prepare a balance sheet, assuming that the current portion of the note payable is $7,000
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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Prepare a balance sheet , assuming that the current portion of the note payable is $7,000
![3. Prepare a balance sheet, assuming that the current portion of the note payable is
$7,000.
Kanpur CO.
Balance Sheet
May 31, 2019
Assets
Current assets:
Total current assets
Property, plant, and equipment:
Total property, plant, and equipment
Total assets
Liabilities
Current liabilities:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5953672a-8930-43ec-8e65-8d1983f2528c%2F5e3f6cf7-798a-42f0-b439-99ac94faacdd%2Ftd3lh2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3. Prepare a balance sheet, assuming that the current portion of the note payable is
$7,000.
Kanpur CO.
Balance Sheet
May 31, 2019
Assets
Current assets:
Total current assets
Property, plant, and equipment:
Total property, plant, and equipment
Total assets
Liabilities
Current liabilities:
![The following selected accounts and their current balances appear in the ledger of
Kanpur Co. for the fiscal year ended June 30, 2019:
$92,0
$300,00
Gerri Faber, Drawing
00
ash
450,0
8,925,0
Accounts Receivable
Sales
00
00
370,0
5,620,0
Merchandise Inventory
Cost of Merchandise Sold
00
00
Estimated Returns Inventory
5,000
Sales Salaries Expense
850,000
10,00
Office Supplies
Advertising Expense
420,000
12,00
Depreciation Expense–Store
Equipment
Prepaid Insurance
33,000
Office Equipment
220,0
Miscellaneous Selling Expense
00
18,000
Accumulated Depreciation–Office
Equipment
58,00
Office Salaries Expense
540,000
650,0
Store Equipment
Rent Expense
00
48,000
Accumulated Depreciation–Store
Equipment
87,50
Insurance Expense
24,000
38,50 Depreciation Expense- Office
Equipment
Accounts Payable
10,000
Customer Refunds Payable
10,00
Office Supplies Expense
4,000
Salaries Payable
4,000
Miscellaneous Administrative Exp.
6,000
Note Payable (final payment due 2032)
140,0
Interest Expense
00
12,000
Gerri Faber, Capital
431,0
00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5953672a-8930-43ec-8e65-8d1983f2528c%2F5e3f6cf7-798a-42f0-b439-99ac94faacdd%2Fpzuuvb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following selected accounts and their current balances appear in the ledger of
Kanpur Co. for the fiscal year ended June 30, 2019:
$92,0
$300,00
Gerri Faber, Drawing
00
ash
450,0
8,925,0
Accounts Receivable
Sales
00
00
370,0
5,620,0
Merchandise Inventory
Cost of Merchandise Sold
00
00
Estimated Returns Inventory
5,000
Sales Salaries Expense
850,000
10,00
Office Supplies
Advertising Expense
420,000
12,00
Depreciation Expense–Store
Equipment
Prepaid Insurance
33,000
Office Equipment
220,0
Miscellaneous Selling Expense
00
18,000
Accumulated Depreciation–Office
Equipment
58,00
Office Salaries Expense
540,000
650,0
Store Equipment
Rent Expense
00
48,000
Accumulated Depreciation–Store
Equipment
87,50
Insurance Expense
24,000
38,50 Depreciation Expense- Office
Equipment
Accounts Payable
10,000
Customer Refunds Payable
10,00
Office Supplies Expense
4,000
Salaries Payable
4,000
Miscellaneous Administrative Exp.
6,000
Note Payable (final payment due 2032)
140,0
Interest Expense
00
12,000
Gerri Faber, Capital
431,0
00
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