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
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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
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