The adjusted trial balance for Wootton Bowling Alley at December 31, 2012, contains the following accounts. Instructions
Question:
The adjusted trial balance for Wootton Bowling Alley at December 31, 2012, contains the following accounts.
Instructions
(a) Prepare a classified balance sheet; assume that $22,000 of the note payable will be paid in 2013.
(b) Comment on the liquidity of thecompany.
Debits Credits Owner's Capital Accumulated Depreciation-Buildings Accounts Payable Notes Payable Accumulated Depreciation-Equipment Interest Payable Service Revenue Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense $115,000 $128,800 4,680 18,040 62,400 12.300 97.780 18,720 2,600 17.180 67,000 780 7.360 2,600 $306,180 $306,180
Step by Step Answer:
a WOOTTON BOWLING ALLEY Balance Sheet December 31 2012 Assets Current assets Cash 18040 Accounts rec...View the full answer
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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