The adjusted trial balance for Cortez Company at December 31, 2024 is presented below: Accounts Cash Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation Accounts payable Salaries payable Interest payable Notes payable (due in two years) Common stock Retained earnings Dividends Debit $ 13,000 162,000 7,000 25,000 390,000 22,000 186,000 79,000 18,000 40,000 Credit $ 130,000 13,000 3,400 1,300 30,000 170,000 233,800 400,000 Service revenue Salaries expense Advertising expense Rent expense Depreciation expense Interest expense Utilities expense Totals Prepare a classified balance sheet for Cortez Company as of December 31, 2024. (Amounts to be deducted should be indicated with 2,500 37,000 $ 981,500 $981,500

The adjusted trial balance for Cortez Company at December 31, 2024 is presented below: Accounts Cash Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation Accounts payable Salaries payable Interest payable Notes payable (due in two years) Common stock Retained earnings Dividends Debit $ 13,000 162,000 7,000 25,000 390,000 22,000 186,000 79,000 18,000 40,000 Credit $ 130,000 13,000 3,400 1,300 30,000 170,000 233,800 400,000 Service revenue Salaries expense Advertising expense Rent expense Depreciation expense Interest expense Utilities expense Totals Prepare a classified balance sheet for Cortez Company as of December 31, 2024. (Amounts to be deducted should be indicated with 2,500 37,000 $ 981,500 $981,500

Name: Current assets:Total current assetsLong-term assets:AssetsTotal long-
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Description: Current assets:Total current assetsLong-term assets:AssetsTotal long-term assetsTotal assetsCORTEZ COMPANYBalance SheetAs of December 31, 2024Current liabilities:Total current liabilitiesLong-term liabilities:Liabilities and Stockholders' EquityTota

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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On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $24,300 Accounts Receivable 42,500 Allowance for Uncollectible Accounts $2,700 Inventory 42,000 Land 79,600 Accounts Payable 29,200 Notes Payable (8%, due in 3 years) 42,000 Common Stock 68,000 Retained Earnings 46,500 Totals $188,400 $188,400 The $42,000 beginning balance of inventory consists of 420 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,050 units for $115,500 on account ($110 each). January 8 Purchase 1,150 units for $132,250 on account ($115 each). January 12 Purchase 1,250 units for $150,000 on account ($120 each). January 15 Return 160 of the units purchased on January 12 because of defects. January 19 Sell 3,600 units on account for $576,000. The cost of the units sold is determined using a FIFO…
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