The Douxe Droppe Inn, a sole proprietorship, has several accounts as follows: Room sales Land Cash Accounts payable Inventories Accounts receivable Bonds payable (long-term) Hugh Wake, Capital (1/1/20X4) Accrued expenses Prepaid expenses Temporary investments Building Equipment and furnishings Franchise fees (deferred) Accumulated depreciation Income tax payable Interest expense Other information is as follows: $ 1,050,000 8,500 25,000 32,500 27,500 85,000 350,000 300,000 15,500 9,500 22,500 550,000 250,000 15,000 (160,000) 25,000 33,000 The Douxe Droppe Inn's net income for 20X4 was $300,000, and Hugh Wake withdrew $220,000 for personal use during 20X4.
The Douxe Droppe Inn, a sole proprietorship, has several accounts as follows: Room sales Land Cash Accounts payable Inventories Accounts receivable Bonds payable (long-term) Hugh Wake, Capital (1/1/20X4) Accrued expenses Prepaid expenses Temporary investments Building Equipment and furnishings Franchise fees (deferred) Accumulated depreciation Income tax payable Interest expense Other information is as follows: $ 1,050,000 8,500 25,000 32,500 27,500 85,000 350,000 300,000 15,500 9,500 22,500 550,000 250,000 15,000 (160,000) 25,000 33,000 The Douxe Droppe Inn's net income for 20X4 was $300,000, and Hugh Wake withdrew $220,000 for personal use during 20X4.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 3:
The Douxe Droppe Inn, a sole proprietorship, has several accounts as follows:
Room sales
Land
Cash
Accounts payable
Inventories
Accounts receivable
Bonds payable (long-term)
Hugh Wake, Capital (1/1/20X4)
Accrued expenses
Prepaid expenses
Temporary investments
Building
Equipment and furnishings
Franchise fees (deferred)
Accumulated depreciation
Income tax payable
Interest expense
Other information is as follows:
$ 1,050,000
8,500
25,000
32,500
27,500
85,000
350,000
300,000
15,500
9,500
22,500
550,000
250,000
15,000
(160,000)
25,000
33,000
The Douxe Droppe Inn's net income for 20X4 was $300,000, and Hugh Wake withdrew
$220,000 for personal use during 20X4.
Required:
1. Prepare a classified balance sheet in standard format using the Problem 3 tab in Excel.
2. Make certain you are using Excel formulas to calculate the subtotals and totals.
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