Your friend, Daniel, recently began work as the lead accountant for the Asheville Company. Daniel prepared the following balance sheet for 31 December 2018: Asheville Company Balance Sheet For the Year Ended December 31, 2018 Assets Land... $100,000 Accounts payable. 10,000 Accounts receivable. 12,500 Cash... 10,000 Daniel Nat, capital. 235,000 Total assets $367,500 Liabilities Equipment Wages payable.. $125,000 2,500 $127,500 Total liabilities Instructions: 1. White a brief explanation to Daniel explaining the errors in the Asheville Company balance sheet. 2. Draw a correct presentation for the balance sheet.

Your friend, Daniel, recently began work as the lead accountant for the Asheville Company. Daniel prepared the following balance sheet for 31 December 2018: Asheville Company Balance Sheet For the Year Ended December 31, 2018 Assets Land... $100,000 Accounts payable. 10,000 Accounts receivable. 12,500 Cash... 10,000 Daniel Nat, capital. 235,000 Total assets $367,500 Liabilities Equipment Wages payable.. $125,000 2,500 $127,500 Total liabilities Instructions: 1. White a brief explanation to Daniel explaining the errors in the Asheville Company balance sheet. 2. Draw a correct presentation for the balance sheet.

Name: Your friend, Daniel, recently began work as the lead accountant for t
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Your friend, Daniel, recently began work as the lead accountant for the Asheville Company.Daniel prepared the following balance sheet for 31 December 2018:Asheville CompanyBalance SheetFor the Year Ended December 31, 2018AssetsLand.....$100,000Accou

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

question attached in the screenshot below thanks for the help greatly aprpeciate it !!!
Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 20,000 Accounts 8,000 Receivable Supplies 4,000 Equipment 15,000 Accumulated $ 5,000 Depreciation Salaries 7,500 Payable Common Stock Retained Earnings Totals $ 47,000 25,000 9,500 $ 47,000 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $60,000, of which $21,000 is on account. 2. May 2 Collect on accounts receivable, $18,000. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $7,500 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $13,000. 6. October 19 Purchase equipment for $8,000 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 11. Prepare a post-closing trial balance. Answer is complete but not entirely correct. RED STORM CLEANERS Post-Closing Trial Balance December 31, 2021 Accounts Debit Credit Cash $…
Given the ledger accounts of Bastoni Company as of January 31, 2020: Cash $40,500 Accounts Payable $11,000 Supplies 5,200 Rent Expense 4,100 Share Capital-Ordinary 33,200 Accounts 8,700 Receivable Notes Payable 3,500 Service Revenue 10,800 Required: Compute the total of the debit side of the trial balance. (show your computation). 1. Compute the total of the credit side of the trial balance. (show your computation). 2.
Norman Rae Ltd., a service business, provided a list of the general ledger accounts and their balances as at December 31, 2018: Accounts payable Bank Loan, due Dec. 31, 2025 $500 10,000 Accounts receivable 14,XXX Cash 10,000 Common shares 28,000 Dividends declared and paid 6,000 Land 30,000 Supplies 2,800 Rent expense 7,500 Retained earnings, Jan. 1 15,000 Salaries expense 11,200 Service revenue 28,XXX No common shares were issued during the year. Required: Prepare a Statement of Financial Pósition for Norman Rae Ltd. Hint: You need to calculate the amount of retained earnings at the end of the year. Replace XXX with the last three digits of your student number. E.g. A student, whose student number is TO03577222 will use Accounts Receivable amount of $ 14,222 and Service revenue amount of $28,222. Note: Double underline feature is not available. Single underline the values as necessary instead.
The following data as of July 1, 2020 were taken from the records of Bonbon: Cash 21,000 Other assets 12,000 Accounts Receivable 244,536 Accounts Payable 188,940 Inventories 130,035 Notes Payable 210,000 Land 613,000 Bonbon, capital 681,976 Furniture & Fixtures 60,345 And the following accounts and balances were taken from the records of Caloy: Cash P 32,354 Accounts Receivable 577,890 Other Assets 13,600 Inventories 270,102 Accounts Payable 253,650 Building 438,267 Notes Payable 355,000 Furniture and Fixtures 44,789 Caloy, capital 768.352 Bonbon and Caloy agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a) Inventories of P6.500 and P6.700 are worthless in Bonbon's and Caloy's respective books. b) Accounts Receivable of P25,000 Bonbon's book and P30,000 in Caloy's book are uncollectible c) Other assets of P4,000 and P6,000 in Bonbon and Caloy's respective books are to be written off. d. The…
1. Prepare a Classified Statement of Assets & Liabilities as at 30th June 2023 Cash receipts and payments for the year ended 30th June 2023: Cash Receipts: Subscriptions 11,000 Bar sales Hire of function room $ Bank Bar inventory 30,000 5,300 Assets & Liabilities as at $46,300 Subscription in arrears Subscription in advance Bar equipment - at cost Accumulated depreciation bar equipment Bank Loan (Due 30/6/17) Accounts payable (bar) Accrued bar wages Prepaid rent expense Cash Payments: Bar purchases 12,000 Payments to accounts payable Telephone Insurance Cleaner's wages Electricity Bar wages Bank Loan interest Rent paid 1 July 2022 15,000 2,600 220 800 35,000 5,000 16,000 1,000 O 0 $ ? 6,000 900 1,200 1,500 800 5,000 2,900 10,000 $40,300 30 June 2023 2,400 880 270 35,000 6,000 16,000 2,000 100 500
Prepare an income statement for Simpson Ltd for the month ended 31 July 2021
Renegade Landscaping's general ledger includes the following account balances on December 31, 2018 Accounts Payable Interest Payable Salaries Payable Notes Payable, Current Portion Notes Payable, Long-Term Portion $19,560 a) Calculate current liabilities. Required Do not enter dollar signs or commas in the input boxes. Total Current Liabilities: $ $11,570 $520 b) Calculate long-term liabilities. Total Long-Term Liabilities: $ $14,220 $19,560
Agency A receives a Notice of Cash Allocation from the DBM of 10,000,000.00 for the second quarter of 2021. What is the accounting entry to be recorded in Journal Entry Voucher. Answer in this format. Account Title Dr. Cr.
Consider the following balance sheets and income statement for Cruyff Enterprises. Cruyff paid $25,000 for rent in 2020. Compute the cash that Cruyff paid for dividends. Cruyff Enterprises Balance Sheets As of December 31, 2020 and 2019 2020 2019 Assets: Cash $18,650 $ 14,900 Accounts Receivable 42,000 36,000 Inventory 60,500 50,000 Prepaid Rent 3,000 1,400 Property, Plant and Equipment 230,000 205,600 Less: Accumulated Depreciation (75,000) (65,000) Total Assets $279,150 $242,900 Liabilities and Stockholders’ Equity: Accounts Payable $26,500 $21,000 Interest Payable 650 400 Unearned Revenue 7,000 10,000 Bonds Payable 37,000 37,000 Common Stock 20,000 15,000 Additional Paid-In Capital 48,000 40,000 Retained Earnings 140,000 119,500…
The following balances are provided: Cash $234,000 Accounts Payable $ 97,000 Inventories 121,000 Notes Payable (due 2018) 211,000 Land 453,000 Accounts Receivable 46,000 Refer to Benchmark Surveyors. Calculate Current Assets. a.$854,000 b.$401,000 c.$709,000 d.$498,000