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
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 44P
Related questions
Question
![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
+](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcdb10454-3b7d-4441-b1a7-d57b2ee3be17%2Fa38ad3dc-121f-4412-9b08-35b550c17331%2F4favboj_processed.jpeg&w=3840&q=75)
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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