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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

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter7: Fixed Assets, Natural Resources, And Intangible Assets
Section: Chapter Questions
Problem 7.2.1MBA
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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
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