Barton Corporation completed all of its May 31, 2015, adjustments in preparation for preparing its financial...
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Barton Corporation completed all of its May 31, 2015, adjustments in preparation for preparing its financial statements, which resulted in the following adjusted trial balance. Adjusted Trial Balance Accounts payable $4,900 Accounts receivable 9,000 Accumulated depreciation, building. 33,000 Accumulated depreciation, equipment... 17,100 Accumulated depreciation, furniture... 9,600 Allowance for doubtful accounts. 410 64,000 Building. Cash 5,030 Equipment, 42,000 Expenses, including cost of goods sold 348,000 Furniture 25,000 28,400 46,000 16,100 42,000 38,000 378,090 3,630 Share capital. Land Merchandise inventory. Long-term notes payable Retained earnings... Sales Unearned revenue 1) All accounts have normal balances. 2) $12,300 of the note payable balance is due by May 31, 2016. The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule. Asset Recoverable Value Land Building...... Equipment Furniture $47,100 30,000 27,000 17,500 a) Prepare the entry (entries) to record any impairment losses at May 31, 2015. Assume the company recorded no impairment losses in previous years. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Equity). Use + for increase and - for decrease. For example, if an account decreases equity, choose '-Equity'. General Journal Account/Explanation Date +- b) Prepare a classified balance sheet at May 31, 2015. (select one) Balance Sheet (select one) xxxx + ++ Page GJ1 F Debit Credit TT Effect On Balance Sheet +Assets -Assets +Liabilities -Liabilities +Equity -Equity Barton Corporation completed all of its May 31, 2015, adjustments in preparation for preparing its financial statements, which resulted in the following adjusted trial balance. Adjusted Trial Balance Accounts payable $4,900 Accounts receivable 9,000 Accumulated depreciation, building. 33,000 Accumulated depreciation, equipment... 17,100 Accumulated depreciation, furniture... 9,600 Allowance for doubtful accounts. 410 64,000 Building. Cash 5,030 Equipment, 42,000 Expenses, including cost of goods sold 348,000 Furniture 25,000 28,400 46,000 16,100 42,000 38,000 378,090 3,630 Share capital. Land Merchandise inventory. Long-term notes payable Retained earnings... Sales Unearned revenue 1) All accounts have normal balances. 2) $12,300 of the note payable balance is due by May 31, 2016. The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule. Asset Recoverable Value Land Building...... Equipment Furniture $47,100 30,000 27,000 17,500 a) Prepare the entry (entries) to record any impairment losses at May 31, 2015. Assume the company recorded no impairment losses in previous years. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Equity). Use + for increase and - for decrease. For example, if an account decreases equity, choose '-Equity'. General Journal Account/Explanation Date +- b) Prepare a classified balance sheet at May 31, 2015. (select one) Balance Sheet (select one) xxxx + ++ Page GJ1 F Debit Credit TT Effect On Balance Sheet +Assets -Assets +Liabilities -Liabilities +Equity -Equity
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ANSWER a Journal Entry Date May 31 2015 May 31 2015 Account Impairment L... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
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