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RedBear Landscaping Company List of Accounts December 31, 2023 1 2 3 4 5 Cash 6 Accounts Receivable 7 Supplies 8 Prepaid Rent 9 Equipment 10 Vehicles 11 Office Furniture 12 Accumulated Depreciation 13 Accounts Payable 14 Accrued Wages Payable 15 Note Payable (due in six months) 16 Loan Payable (due in five years) 17 Common Stock, no par 18 Retained Earnings 19 $ 6,000 2,000 9,000 5,000 22,000 49,000 8,000 14,000 7,000 3,000 8,000 29,000 28,000 12,000 A group of four students decided to start a residential landscaping and snowplowing business, RedBear Landscaping Company (RBLC). This List of Accounts is as of the end of their first year of business. 20 21 Required: 22 1. From the List of Accounts, prepare a well-formatted, classified balance sheet as of the date noted. 23 1a. "Classified" requires having subtotals for Current Assets and for Current Liabilities. Refer to good-form FS. 24 2. Prove the accounting equation (must document evidence of this step). 25 3a. Calculate the current ratio, two decimal places always required xx.xx [analysis not required] 26

RedBear Landscaping Company List of Accounts December 31, 2023 1 2 3 4 5 Cash 6 Accounts Receivable 7 Supplies 8 Prepaid Rent 9 Equipment 10 Vehicles 11 Office Furniture 12 Accumulated Depreciation 13 Accounts Payable 14 Accrued Wages Payable 15 Note Payable (due in six months) 16 Loan Payable (due in five years) 17 Common Stock, no par 18 Retained Earnings 19 $ 6,000 2,000 9,000 5,000 22,000 49,000 8,000 14,000 7,000 3,000 8,000 29,000 28,000 12,000 A group of four students decided to start a residential landscaping and snowplowing business, RedBear Landscaping Company (RBLC). This List of Accounts is as of the end of their first year of business. 20 21 Required: 22 1. From the List of Accounts, prepare a well-formatted, classified balance sheet as of the date noted. 23 1a. "Classified" requires having subtotals for Current Assets and for Current Liabilities. Refer to good-form FS. 24 2. Prove the accounting equation (must document evidence of this step). 25 3a. Calculate the current ratio, two decimal places always required xx.xx [analysis not required] 26

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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HN345 1 2 RedBear Landscaping Company List of Accounts December 31, 2023 5 Cash 6 Accounts Receivable 7 Supplies 8 Prepaid Rent 9 Equipment 10 Vehicles 11 Office Furniture 12 Accumulated Depreciation 13 Accounts Payable 14 Accrued Wages Payable 15 Note Payable (due in six months) 16 Loan Payable (due in five years) 17 Common Stock, no par 18 Retained Earnings 19 28 29 A group of four students decided to start a residential landscaping and snowplowing business, Red Bear Landscaping Company (RBLC). This List of Accounts is as of the end of their first year of business. 20 21 Required: 22 1. From the List of Accounts, prepare a well-formatted, classified balance sheet as of the date noted. 23 1a. "Classified" requires having subtotals for Current Assets and for Current Liabilities. Refer to good-form FS. 24 2. Prove the accounting equation (must document evidence of this step). 25 3a. Calculate the current ratio, two decimal places always required xx.xx [analysis not required] 26 27 Checklist $ Common Errors, fix before submit: missing Total CA; missing Total CL; BS does not balance; missing ratio or not correct calculation SLA 6,000 2,000 9,000 5,000 22,000 49,000 8,000 14,000 7,000 3,000 8,000 29,000 28,000 12,000 Ready Accessibility: Investigate +
Transcribed Image Text:HN345 1 2 RedBear Landscaping Company List of Accounts December 31, 2023 5 Cash 6 Accounts Receivable 7 Supplies 8 Prepaid Rent 9 Equipment 10 Vehicles 11 Office Furniture 12 Accumulated Depreciation 13 Accounts Payable 14 Accrued Wages Payable 15 Note Payable (due in six months) 16 Loan Payable (due in five years) 17 Common Stock, no par 18 Retained Earnings 19 28 29 A group of four students decided to start a residential landscaping and snowplowing business, Red Bear Landscaping Company (RBLC). This List of Accounts is as of the end of their first year of business. 20 21 Required: 22 1. From the List of Accounts, prepare a well-formatted, classified balance sheet as of the date noted. 23 1a. "Classified" requires having subtotals for Current Assets and for Current Liabilities. Refer to good-form FS. 24 2. Prove the accounting equation (must document evidence of this step). 25 3a. Calculate the current ratio, two decimal places always required xx.xx [analysis not required] 26 27 Checklist $ Common Errors, fix before submit: missing Total CA; missing Total CL; BS does not balance; missing ratio or not correct calculation SLA 6,000 2,000 9,000 5,000 22,000 49,000 8,000 14,000 7,000 3,000 8,000 29,000 28,000 12,000 Ready Accessibility: Investigate +
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