Question 1 The financial statement columns of the worksheet for Abdullah Company as of December 31, 2019 are as follows: ABDULLAH COMPANY Worksheet For the Year Ended December 31, 2019 Balance Sheet Credit Income Statement Accounts Debit Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Patents Accounts Payable Notes Payable (due 2020) Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Depreciation Expense Insurance Expense Interest Expense 8,000 26,000 4,500 7,000 41,000 4,800 7,500 22,200 20,000 43,300 4,200 26,400 5,200 4,800 5,000 3,500 18,500 Totals 26,400 98,200 90,300 Net Income 7,900 7,900 26,400 26,400 98,200 98,200 Instructions Prepare a classified balance sheet for Abdullah Company
Question 1 The financial statement columns of the worksheet for Abdullah Company as of December 31, 2019 are as follows: ABDULLAH COMPANY Worksheet For the Year Ended December 31, 2019 Balance Sheet Credit Income Statement Accounts Debit Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Patents Accounts Payable Notes Payable (due 2020) Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Depreciation Expense Insurance Expense Interest Expense 8,000 26,000 4,500 7,000 41,000 4,800 7,500 22,200 20,000 43,300 4,200 26,400 5,200 4,800 5,000 3,500 18,500 Totals 26,400 98,200 90,300 Net Income 7,900 7,900 26,400 26,400 98,200 98,200 Instructions Prepare a classified balance sheet for Abdullah Company
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Question 1
The financial statement columns of the worksheet for Abdullah Company as of December 31, 2019 are as
follows:
ABDULLAH COMPANY
Worksheet
For the Year Ended December 31, 2019
Balance Sheet
Credit
Income Statement
Accounts
Debit
Debit
Credit
Cash
8,000
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation-Equipment
Patents
26,000
4,500
7,000
41,000
4,800
7,500
Accounts Payable
Notes Payable (due 2020)
Owner's Capital
Owner's Drawings
Service Revenue
Salaries and Wages Expense
Depreciation Expense
Insurance Expense
Interest Expense
22,200
20,000
43,300
4.200
26,400
5,200
4,800
5,000
3.500
Totals
18,500
26,400
98,200
90,300
Net Income
7,900
7,900
26,400
26,400
98,200
98,200
Instructions
Prepare a classified balance sheet for Abdullah Company
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