These financial statement items are for Tamarisk, Inc. at year-end, July 31, 2017. Salaries and wages...
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These financial statement items are for Tamarisk, Inc. at year-end, July 31, 2017. Salaries and wages payable $ 3,480 Salaries and wages expense 58,800 Supplies expense 17,400 Equipment 19,900 Accounts payable 4,100 Service revenue 67,400 Rent revenue 10,300 Notes payable (due in 2020) 3,600 Common stock 16,000 Cash 30,500 Accounts receivable 11,580 Accumulated depreciation-equipment 8,000 Dividends 4,000 Depreciation expense 6,000 Retained earnings (beginning of the year) 35,300 (b) Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.) Tamarisk, Inc. Balance Sheet July 31, 2017 Assets Current Assets Cash 30,500 Accounts Receivable 11,580 Total Current Assets 42,080 Property, Plant and Equipment Equipment 19,900 Less 8,000 19,100 Accumulated Depreciation-Equipment 2$ Total Assets 61,180 Liabilities and Stockholders' Equity Current Liabilities 2$ Accounts Payable 4,100 Salaries and Wages Payable 3,480 $ Total Current Liabilities 7,580 Long-term Liabilities Notes Payable 3,600 Total Long-term Liabilities 3,600 Stockholders' Equity Common Stock 16,000 Retained Earnings 26,800 Total Stockholders' Equity 42,800 $ Total Liabilities and Stockholders' Equity These financial statement items are for Tamarisk, Inc. at year-end, July 31, 2017. Salaries and wages payable $ 3,480 Salaries and wages expense 58,800 Supplies expense 17,400 Equipment 19,900 Accounts payable 4,100 Service revenue 67,400 Rent revenue 10,300 Notes payable (due in 2020) 3,600 Common stock 16,000 Cash 30,500 Accounts receivable 11,580 Accumulated depreciation-equipment 8,000 Dividends 4,000 Depreciation expense 6,000 Retained earnings (beginning of the year) 35,300 (b) Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.) Tamarisk, Inc. Balance Sheet July 31, 2017 Assets Current Assets Cash 30,500 Accounts Receivable 11,580 Total Current Assets 42,080 Property, Plant and Equipment Equipment 19,900 Less 8,000 19,100 Accumulated Depreciation-Equipment 2$ Total Assets 61,180 Liabilities and Stockholders' Equity Current Liabilities 2$ Accounts Payable 4,100 Salaries and Wages Payable 3,480 $ Total Current Liabilities 7,580 Long-term Liabilities Notes Payable 3,600 Total Long-term Liabilities 3,600 Stockholders' Equity Common Stock 16,000 Retained Earnings 26,800 Total Stockholders' Equity 42,800 $ Total Liabilities and Stockholders' Equity
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Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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