A scrambled list of accounts are shown below. Unscramble them and produce a balance sheet and...
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A scrambled list of accounts are shown below. Unscramble them and produce a balance sheet and income statement, with the correct order of accounts (i.e. Liquidity,etc). You must determine their correct sign in each statement. Also Retained Earnings is left at $0.00, you are to calculate the amount needed to complete the balance sheet. NOTE: For an extra five (5) bonus points, you can try and put all the correct formatting in ($, underlines, etc.). Taxes Sales - Merchandise Retained Earnings Notes Payable Cash Interest Expense Long Term Debt Sales - Return Merchandise General and Administration Expense Accounts Receivable Taxes Payable Common Stock Notes Receivable Cost of Goods Sold Depreciation Expense Sales - Service Accounts Payable Inventory Equipment Salaries Payable Utility Expense Rent Expense Accrued Expense Accumulated Depreciation Paid-in-Capital Prepaid Expenses Salaries Expense 1,500 47,000 12,500 39,000 1,500 32,500 (2,500) 7,500 25,000 2,500 29,000 10,000 20,000 3,500 18,000 15,000 15,800 42,500 5,000 3,000 2,500 1,000 (8,000) 25,000 1,200 12,500 A scrambled list of accounts are shown below. Unscramble them and produce a balance sheet and income statement, with the correct order of accounts (i.e. Liquidity,etc). You must determine their correct sign in each statement. Also Retained Earnings is left at $0.00, you are to calculate the amount needed to complete the balance sheet. NOTE: For an extra five (5) bonus points, you can try and put all the correct formatting in ($, underlines, etc.). Taxes Sales - Merchandise Retained Earnings Notes Payable Cash Interest Expense Long Term Debt Sales - Return Merchandise General and Administration Expense Accounts Receivable Taxes Payable Common Stock Notes Receivable Cost of Goods Sold Depreciation Expense Sales - Service Accounts Payable Inventory Equipment Salaries Payable Utility Expense Rent Expense Accrued Expense Accumulated Depreciation Paid-in-Capital Prepaid Expenses Salaries Expense 1,500 47,000 12,500 39,000 1,500 32,500 (2,500) 7,500 25,000 2,500 29,000 10,000 20,000 3,500 18,000 15,000 15,800 42,500 5,000 3,000 2,500 1,000 (8,000) 25,000 1,200 12,500
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Answer rating: 100% (QA)
The detailed answer for the above question is provided below Balance Sheet Assets Cash 12500 Accounts Receivable 25000 Inventory 15000 Prepaid Expense... View the full answer
Related Book For
Elementary Principles of Chemical Processes
ISBN: 978-0471720638
3rd Edition
Authors: Richard M. Felder, Ronald W. Rousseau
Posted Date:
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