Question

Victhom Bionics showed the following alphabetized unadjusted trial balance at April 30, 2014:
Account...................Balance
Accounts payable .......................................................... $ 4,860
Accounts receivable ...................................................... 16,200
Accumulated depreciation, furniture............................. 10,080
Accumulated depreciation, machinery.......................... 20,088
Allowance for doubtful accounts........................................ 900
Cash................................................................................... 9,000
Expenses.......................................................................... 88,200
Furniture.......................................................................... 21,600
Josh Victhom, capital..................................................... 22,572
Josh Victhom, withdrawals............................................. 82,800
Machinery........................................................................ 48,600
Note payable.................................................................... 13,500
Patent ............................................................................... 21,600
Prepaid rent ..................................................................... 12,960
Revenues........................................................................ 223,200
Unearned revenue............................................................... 5,760

Other information:
a. All accounts have normal balances.
b. The furniture was depreciated using the straight-line method and had a useful life of five years and residual value of zero.
c. The machinery was depreciated using the double-declining-balance method and had a useful life of 10 years and residual value of $27,000.
d. The patent was purchased on November 2, 2013, and is expected to be used for 15 years, after which it will have no value.
e. The balance in Prepaid Rent represents rent from June 1, 2013, to May 31, 2014.
f. $5,400 of the note payable will be paid by April 30, 2015.

Required
Prepare a classified balance sheet at April 30, 2014.



$1.99
Sales1
Views73
Comments0
  • CreatedJanuary 08, 2015
  • Files Included
Post your question
5000