Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical order.
Question:
Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical order. Using the template provided, prepare a classified balance sheet for the year ended December 31, 2020. For the bank loan, $60,550 is due in 2021. For Notes receivable, $41,500 will be collected in 2021.
Account Title Debit Credit $ 41,625 Accounts payable. Accumulated depreciation, equipment. 99,700 38,250 Accumulated depreciation, furniture Bank loan. 501,000 $115,000 Cash. Equipment. 373,875 Operating expenses 38,150 Furniture. 102,000 Merchandise inventory. 34,250 Natsuki Miyakawa, capital. Natsuki Miyakawa, withdrawal. 28,500 11,300 Notes receivable. 115,500 Revenue. 50,750 Wages payable. 30,250 $790,075 $790,075 Total. Sunshine Sushi Balance Sheet December 31, 2020 Assets Current assets: Total current assets Non-current investments: Property, plant, and equipment: Total assets Liabilities Current liabilities: Total current liabilities Non-current liabilities: Total liabilities Equity Total liabilities and equity
Step by Step Answer:
Sunshine Sushi Balance Sheet December 31 2020 Assets Current assets Cash 1...View the full answer
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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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