QS 4-21 (Algo) Preparing a classified balance sheet for a merchandiser LO P4 Clear Water Company reports the following balance sheet accounts as of December 31. Buildings Accounts receivable Land Merchandise inventory Accounts payable Cash Notes payable (due in 7 years) Office supplies Common stock Retained earnings Wages payable Accumulated Depreciation-Buildings Prepare a classified balance sheet. Current assets Accounts receivable Merchandise inventory Cash Total current assets Plant assets Buildings Land Answer is not complete. Clear Water Company Balance Sheet December 31 Assets Accumulated depreciation-Buildings Total plant assets Total assets Liabilities $ 35,000 2,400 19,800 7,800 5,400 8,800 38,000 1,800 10,000 14,000 3,400 4,800 $ 2,400 7,800 8,800 35,000 19,800 $ 19,000 $ 15,200 4,800 20,000 39,000

QS 4-21 (Algo) Preparing a classified balance sheet for a merchandiser LO P4 Clear Water Company reports the following balance sheet accounts as of December 31. Buildings Accounts receivable Land Merchandise inventory Accounts payable Cash Notes payable (due in 7 years) Office supplies Common stock Retained earnings Wages payable Accumulated Depreciation-Buildings Prepare a classified balance sheet. Current assets Accounts receivable Merchandise inventory Cash Total current assets Plant assets Buildings Land Answer is not complete. Clear Water Company Balance Sheet December 31 Assets Accumulated depreciation-Buildings Total plant assets Total assets Liabilities $ 35,000 2,400 19,800 7,800 5,400 8,800 38,000 1,800 10,000 14,000 3,400 4,800 $ 2,400 7,800 8,800 35,000 19,800 $ 19,000 $ 15,200 4,800 20,000 39,000

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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A junior accountant at Salah Traders has prepared the post - adjustment trial balance below. He requires your assistance in preparing the financial statements for the entity. Post adjustment Trial Balance for Salah Traders for the year ended 31 October 2023. Required: Prepare the Statement for Financial Position for Salah Traders as at the 31 October 2023.
Please see attached docs. CHART OF ACCOUNTSASSETS110 Cash111 Petty Cash121 Accounts Receivable122 Allowance for Doubtful Accounts126 Interest Receivable127 Notes Receivable131 Merchandise Inventory141 Office Supplies142 Store Supplies151 Prepaid Insurance191 Land192 Store Equipment193 Accumulated Depreciation-Store Equipment194 Office Equipment195 Accumulated Depreciation-Office EquipmentLIABILITIES210 Accounts Payable221 Salaries Payable231 Sales Tax Payable232 Interest Payable241 Notes Payable251 Bonds Payable252 Discount on Bonds Payable253 Premium on Bonds PayableEQUITY311 Common Stock312 Paid-In Capital in Excess of Par-Common Stock315 Treasury Stock321 Preferred Stock322 Paid-In Capital in Excess of Par-Preferred Stock331 Paid-In Capital from Sale of Treasury Stock340 Retained Earnings351 Cash Dividends352 Stock DividendsREVENUE410 Sales610 Interest Revenue611 Gain on Redemption of BondsEXPENSES510 Cost of Merchandise Sold515 Credit Card Expense516 Cash Short and Over521 Sales…
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Only E7-18 and E7-19. Thank you
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