The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year. Cash $250,000 Retained Earnings 1,197,000 Dividends 1,790,000 Sales 23,500 Cost of Goods Sold 14,000 Sales Salaries Expense 8,500 Advertising Expense 870,000 580,000 Miscellaneous Selling Expense 2,600,000 Office Salaries Expense 820,000 Rent Expense 336,000 Depreciation Expense-Office Equipment Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Depreciation Expense-Store Equipment 39,000 Insurance Expense 43,000 Office Supplies Expense Salaries Payable Notes Payable (long-term) 200,000 Miscellaneous Administrative Expense Common Stock 600,000 Interest Expense Prepare a balance sheet for Fernandez Co. assuming the current portion of the notes payable is $30,000. Fernandez Co. Balance Sheet December 31 2,850,000 50,000 9,350,000 5,840,000 820,000 350,000 120,000 58,000 550,000 104,000 60,000 50,000 26,000 12,000 25,000
The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year. Cash $250,000 Retained Earnings 1,197,000 Dividends 1,790,000 Sales 23,500 Cost of Goods Sold 14,000 Sales Salaries Expense 8,500 Advertising Expense 870,000 580,000 Miscellaneous Selling Expense 2,600,000 Office Salaries Expense 820,000 Rent Expense 336,000 Depreciation Expense-Office Equipment Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Depreciation Expense-Store Equipment 39,000 Insurance Expense 43,000 Office Supplies Expense Salaries Payable Notes Payable (long-term) 200,000 Miscellaneous Administrative Expense Common Stock 600,000 Interest Expense Prepare a balance sheet for Fernandez Co. assuming the current portion of the notes payable is $30,000. Fernandez Co. Balance Sheet December 31 2,850,000 50,000 9,350,000 5,840,000 820,000 350,000 120,000 58,000 550,000 104,000 60,000 50,000 26,000 12,000 25,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year.
Cash
$250,000 Retained Earnings
1,197,000 Dividends
1,790,000
Accounts Receivable
Inventory
Estimated Returns Inventory
Sales
23,500 Cost of Goods Sold
14,000 Sales Salaries Expense
8,500 Advertising Expense
870,000 Depreciation Expense-Store Equipment
580,000 Miscellaneous Selling Expense
2,600,000 Office Salaries Expense
820,000 Rent Expense
336,000 Depreciation Expense-Office Equipment
39,000 Insurance Expense
43,000 Office Supplies Expense
200,000 Miscellaneous Administrative Expense
600,000 Interest Expense
Office Supplies
Prepaid Insurance
Office Equipment
Accumulated Depreciation-Office Equipment
Store Equipment
Accumulated Depreciation-Store Equipment
Accounts Payable
Customer Refunds Payable
Salaries Payable
Notes Payable (long-term)
Common Stock
Prepare a balance sheet for Fernandez Co. assuming the current portion of the notes payable is $30,000.
Fernandez Co.
Balance Sheet
December 31
2,850,000
50,000
9,350,000
5,840,000
820,000
350,000
120,000
58,000
550,000
104,000
60,000
50,000
26,000
12,000
25,000
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