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PROBLEM 2.6A The fellewing list ef balanes sheet items are in random erder foF Wilsen Farms, Ine., at September 30, 2009: Preparing a Balenee Sheet-A Secend Problem Land 9490,000 Fenees andf Gales ! $ 33,570 Barns and Sheds Netes Payabla, . Accounts Reeeivable : .. Irrigation Syslem... . 78,309 á90,00 20, 125 16,710 120,780 Cash.. ! t Livesteek. * 22,965 76,650 77,005 9,195 Citrus Tre99, . Farm Maehinery. Relained Earnings.. Wages Payable..... 42,970 Aecounts Payable... : Preperty Taxes Payable.... Capilal Steck, 5,820 290,000 Inetruetlons Prepure a balanee nheet by using these items and eomputing the amount for Retained Barn= İngs. Use a sequence of assets similar te that illustrated in Exhiblt 2-10. (After "Bams and Sheds," you may list the remaining assets in any erder.) Inelude a proper heading (or your balanee sheet. a. b. ARgume that on September 30, Immeidiately after this balance sheet was prepared, a tornade Eompletely destreyed ene of the hans. This barn had a eost of $13,700 and was not insured Againat this type of dieuster, Bxplain what ehanges would be required in your September 30 bulunge nlhuet to roflout thu Josr ot ilue luu

PROBLEM 2.6A The fellewing list ef balanes sheet items are in random erder foF Wilsen Farms, Ine., at September 30, 2009: Preparing a Balenee Sheet-A Secend Problem Land 9490,000 Fenees andf Gales ! $ 33,570 Barns and Sheds Netes Payabla, . Accounts Reeeivable : .. Irrigation Syslem... . 78,309 á90,00 20, 125 16,710 120,780 Cash.. ! t Livesteek. * 22,965 76,650 77,005 9,195 Citrus Tre99, . Farm Maehinery. Relained Earnings.. Wages Payable..... 42,970 Aecounts Payable... : Preperty Taxes Payable.... Capilal Steck, 5,820 290,000 Inetruetlons Prepure a balanee nheet by using these items and eomputing the amount for Retained Barn= İngs. Use a sequence of assets similar te that illustrated in Exhiblt 2-10. (After "Bams and Sheds," you may list the remaining assets in any erder.) Inelude a proper heading (or your balanee sheet. a. b. ARgume that on September 30, Immeidiately after this balance sheet was prepared, a tornade Eompletely destreyed ene of the hans. This barn had a eost of $13,700 and was not insured Againat this type of dieuster, Bxplain what ehanges would be required in your September 30 bulunge nlhuet to roflout thu Josr ot ilue luu

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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4 PROBLEM 2.6A Preparing a Balange Sheet-A Sesend Problem The follewing list of balanes shget itens are in randlom erder for Wilsen Farms, Ine., at September 30, 2009: Land 9490,000 Fenees and Gales $ 33,570 Barns and Sheds Netes Payable, :nt 78,309 9s0,000 Irrigation Syslem, 20, 125 16,710 Accounts Receivable 22,965 Livesleek.tt 120,780 Citrus Tree9, . 76,650 Farm Maehinery. 1 42,970 Aecounts Payable... : 77,005 Rolained Earnings Preperty Taxes Payable ... Çapilal Steck: : 1 見188 Wages Payable..: 5,820 200,000 Inetruetlens a. Prepare a balanee aheet by using these itema and eomputing the amount fer Retained Barn- İngs. Use a sequence of assets similar te that illustrated in Exhiblt 2-10. (After "Barna and Sheds," you may list the remaining Asseta in any order.) Inelude a proper heading for your balaneo sheet. b. ABRume that on September 30, Immeiliately after this balanee sheet was prepared, a tornade Eompletely destroyed ene of the batns, This barn had a eoxt of $13,700 and was not insured Hgainst this type ef dieuster. Explain what ehanges would be required in your September 30 balanee sheet to reflect the le86 of thus barn,
Transcribed Image Text:4 PROBLEM 2.6A Preparing a Balange Sheet-A Sesend Problem The follewing list of balanes shget itens are in randlom erder for Wilsen Farms, Ine., at September 30, 2009: Land 9490,000 Fenees and Gales $ 33,570 Barns and Sheds Netes Payable, :nt 78,309 9s0,000 Irrigation Syslem, 20, 125 16,710 Accounts Receivable 22,965 Livesleek.tt 120,780 Citrus Tree9, . 76,650 Farm Maehinery. 1 42,970 Aecounts Payable... : 77,005 Rolained Earnings Preperty Taxes Payable ... Çapilal Steck: : 1 見188 Wages Payable..: 5,820 200,000 Inetruetlens a. Prepare a balanee aheet by using these itema and eomputing the amount fer Retained Barn- İngs. Use a sequence of assets similar te that illustrated in Exhiblt 2-10. (After "Barna and Sheds," you may list the remaining Asseta in any order.) Inelude a proper heading for your balaneo sheet. b. ABRume that on September 30, Immeiliately after this balanee sheet was prepared, a tornade Eompletely destroyed ene of the batns, This barn had a eoxt of $13,700 and was not insured Hgainst this type ef dieuster. Explain what ehanges would be required in your September 30 balanee sheet to reflect the le86 of thus barn,
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