Update the Balance Sheet to reflect the results for the quarter. Cash $0 Rent Deposit $0 Inventory $0 Total Assets $0 C Loans Payable Total Liabilities Stock Retained Earnings Total Equity Total Liab. and Equity $0 $0 $0 $0 $0 $0

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

Please don't provide answer in image format thank you 

Update the Balance Sheet to reflect the results for the quarter.
Cash
Rent Deposit $0
Inventory
$0
Total Assets
$0
$0
Loans Payable
Total Liabilities
Stock
Retained Earnings
Total Equity
$0
$0
$0
Total Liab. and Equity $0
Transcribed Image Text:Update the Balance Sheet to reflect the results for the quarter. Cash Rent Deposit $0 Inventory $0 Total Assets $0 $0 Loans Payable Total Liabilities Stock Retained Earnings Total Equity $0 $0 $0 Total Liab. and Equity $0
QUESTION 6
Below is the balance sheet for a store at the end of the first year, and transactions for the first quarter of the following year.
Balance Sheet (December 31, 20x0)
Cash
Rent Deposit
Inventory
Description
Total Assets $41,900
$14,900
$5,000
$22,000
Product Purchased
Payroll Expense
Receipts from sales
Other Expense
Advertising /Promotion
Loan Payment
Transactions (January 1 – March 31, 20x1)
Loans Payable
Stock
Retained Earnings
Total Equity
Total Liab. and Equity
Total Liabilities
Amount
$50,400
$1,000
$125,000
$12,000
$25,000
$10,000
$9,500
$9,500
$25,000
$7,000
$32,000
principal reduction
$41,500
Comment
2,500 tops and 1,700 pants
5,000 units at average cost of $12 each
increased promotion
includes taxes and benefits
includes $1,000 in shrinkage
Transcribed Image Text:QUESTION 6 Below is the balance sheet for a store at the end of the first year, and transactions for the first quarter of the following year. Balance Sheet (December 31, 20x0) Cash Rent Deposit Inventory Description Total Assets $41,900 $14,900 $5,000 $22,000 Product Purchased Payroll Expense Receipts from sales Other Expense Advertising /Promotion Loan Payment Transactions (January 1 – March 31, 20x1) Loans Payable Stock Retained Earnings Total Equity Total Liab. and Equity Total Liabilities Amount $50,400 $1,000 $125,000 $12,000 $25,000 $10,000 $9,500 $9,500 $25,000 $7,000 $32,000 principal reduction $41,500 Comment 2,500 tops and 1,700 pants 5,000 units at average cost of $12 each increased promotion includes taxes and benefits includes $1,000 in shrinkage
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
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.
Similar questions
  • SEE MORE QUESTIONS
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