Redbird Properties, Inc. gathered the following information regarding the asset, liability, stockholders equity, revenue, and expense accounts
Question:
Redbird Properties, Inc. gathered the following information regarding the asset, liability, stockholders’ equity, revenue, and expense accounts as of the end of its second year in operations, December 31, 2019:
Rent Expense | $7,000 |
Building | 36,320 |
Depreciation Expense | 4,750 |
Cost of Goods Sold | 10,000 |
Accounts Receivable | 8,200 |
Note Payable (5 yr) | 11,000 |
Common Stock | 16,970 |
Cash | 19,500 |
Salary Expense | 4,400 |
Dividends | 10,200 |
Retained Earnings, Jan 1 2015 | 17,085 |
Accounts Payable | 11,800 |
Accumulated Depreciation (Building) | 6,500 |
Income Tax Expense | 6,585 |
Sales | 48,800 |
Prepaid Rent | 2,500 |
Inventory | 2,000 |
Interest Expense | 700 |
Prepare, in good form, the heading and Asset section only of the classified Balance Sheet for Redbird Properties, Inc. for 2019. You will prepare the Liabilities & Stockholders' Equity section in the next question. (You can receive partial credit.)
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella