Homework Help is Here – Start Your Trial Now!
Business
Accounting
Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) Salvage value of equipment Interest payable (short term) Uncollectible accounts expense Supplies office equipment Interest revenue Sales revenue Dividends Rent expense Inc Stmt Bal Sheet Assets Current assets tequired Prepare a multistep income statement and balance sheet for Chun Equipment Co. for Year 2. Total current assets Property, plant and equipment Complete this question by entering your answers in the tabs below. Total property, plant and equipment Total assets $121,930 $1,500 17,770 7,980 Liabilities and stockholders equity Current liabilities 40,500 123,000 6,550 Total current liabilities Long-term liabilities 2,600 13,090 3,060 Total long-term liabilities Interest receivable (short term) Beginning retained earnings Operating expenses Cash flow from investing activities Prepaid rent Land Cash Inventory Accounts payable Interest expense Salaries payable Unearned revenue Prepare the balance sheet for Chun Equipment Co. for Year 2. (Be sure to list the assets in the order of their liquidity.) CHUN EQUIPMENT CO. Balance Sheet As of December 31, Year 2 75,410 6,060 501,380 Cost of goods sold 12,800 Accounts receivable 5,430 0 0 S S S 0 0 0 790 $3,814 90,740 (98,290) 0 14,730 $1,500 24,480 161,270 $7,740 33,260 12,450 60,990 179,494 112,260

Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) Salvage value of equipment Interest payable (short term) Uncollectible accounts expense Supplies office equipment Interest revenue Sales revenue Dividends Rent expense Inc Stmt Bal Sheet Assets Current assets tequired Prepare a multistep income statement and balance sheet for Chun Equipment Co. for Year 2. Total current assets Property, plant and equipment Complete this question by entering your answers in the tabs below. Total property, plant and equipment Total assets $121,930 $1,500 17,770 7,980 Liabilities and stockholders equity Current liabilities 40,500 123,000 6,550 Total current liabilities Long-term liabilities 2,600 13,090 3,060 Total long-term liabilities Interest receivable (short term) Beginning retained earnings Operating expenses Cash flow from investing activities Prepaid rent Land Cash Inventory Accounts payable Interest expense Salaries payable Unearned revenue Prepare the balance sheet for Chun Equipment Co. for Year 2. (Be sure to list the assets in the order of their liquidity.) CHUN EQUIPMENT CO. Balance Sheet As of December 31, Year 2 75,410 6,060 501,380 Cost of goods sold 12,800 Accounts receivable 5,430 0 0 S S S 0 0 0 790 $3,814 90,740 (98,290) 0 14,730 $1,500 24,480 161,270 $7,740 33,260 12,450 60,990 179,494 112,260

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

Salaries expense Cormon stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) Salvage value of equipment Interest payable (short term) Uncollectible accounts expense Supplies office equipment Interest revenue Sales revenue Dividends Rent expense Inc Stmt Bal Sheet Assets Current assets Total current assets Property, plant and equipment Required Prepare a multistep income statement and balance sheet for Chun Equipment Co. for Year 2. Total property, plant and equipment Total assets $121,938 51,500 17,778 7,988 48,500 123,000 6,550 2,600 Complete this question by entering your answers in the tabs below. Liabilities and stockholders' equity Current liabilities 13,090 3,060 75,418 6,060 501,380 12,800 5,430 Total current liabilities Long-term liabilities Interest receivable (short term) Beginning retained earnings Operating expenses Total long-term liabilities Cash flow from investing activities Prepaid rent Land Cash Inventory Accounts payable Interest expense Salaries payable Unearned revenue Cost of goods sold Accounts receivable Prepare the balance sheet for Chun Equipment Co. for Year 2. (Be sure to list the assets in the order of their liquidity.) CHUN EQUIPMENT CO. Balance Sheet As of December 31, Year 2 0 0 S S S 0 0 0 $ 790 53,814 98,748 0 (98,298) 14,730 51,500 24,488 161,278 57,748 33,260 12,450 68,990 179,494 112,268
Transcribed Image Text:Salaries expense Cormon stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) Salvage value of equipment Interest payable (short term) Uncollectible accounts expense Supplies office equipment Interest revenue Sales revenue Dividends Rent expense Inc Stmt Bal Sheet Assets Current assets Total current assets Property, plant and equipment Required Prepare a multistep income statement and balance sheet for Chun Equipment Co. for Year 2. Total property, plant and equipment Total assets $121,938 51,500 17,778 7,988 48,500 123,000 6,550 2,600 Complete this question by entering your answers in the tabs below. Liabilities and stockholders' equity Current liabilities 13,090 3,060 75,418 6,060 501,380 12,800 5,430 Total current liabilities Long-term liabilities Interest receivable (short term) Beginning retained earnings Operating expenses Total long-term liabilities Cash flow from investing activities Prepaid rent Land Cash Inventory Accounts payable Interest expense Salaries payable Unearned revenue Cost of goods sold Accounts receivable Prepare the balance sheet for Chun Equipment Co. for Year 2. (Be sure to list the assets in the order of their liquidity.) CHUN EQUIPMENT CO. Balance Sheet As of December 31, Year 2 0 0 S S S 0 0 0 $ 790 53,814 98,748 0 (98,298) 14,730 51,500 24,488 161,278 57,748 33,260 12,450 68,990 179,494 112,268
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Events after the reporting period
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS