The following items are taken from the records of XYZ Company. Classify whether they are belong...
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The following items are taken from the records of XYZ Company. Classify whether they are belong to the Assets, Liabilities. Owner's Equity of the business. Items: Amount: 1. Merchandise Inventory 2. Accounts Receivable 3. Worthless Receivable 4. Prepaid Rent 5. Obsolete Merchandise 6. Rent Expense 7. Notes Receivable 8. Accrued Interest Receivable 9. Unused Supplies 10. Used Supplies 11. Land 12. Store Building 13. Owner's Equity 14. Furniture and Fixtures 15. Accum. Dep'n - Store Bldg. 16. Sales (80% cash) 17. Accum. Dep'n - F and F 18. Depreciation Expense 19. Cash 20. Accounts Payable 21. Notes Payable 22. Interest Income 23. Mortgage Payable 24. Owner's drawings Current Assets: Noncurrent Assets: Current Liabilities: P 50,000 30,000 500 8,000 1,000 4,000 10,000 Noncurrent Liabilities: Owner's Equity: . 200 1,200 800 100,000 50,000 6,000 5,000 200,000 600 3,300 25,000 20,100 60,000 200 Performance Task: With the same information above (Written task), fill the amounts of the following SFP elements: 1,200 5,000 The following items are taken from the records of XYZ Company. Classify whether they are belong to the Assets, Liabilities. Owner's Equity of the business. Items: Amount: 1. Merchandise Inventory 2. Accounts Receivable 3. Worthless Receivable 4. Prepaid Rent 5. Obsolete Merchandise 6. Rent Expense 7. Notes Receivable 8. Accrued Interest Receivable 9. Unused Supplies 10. Used Supplies 11. Land 12. Store Building 13. Owner's Equity 14. Furniture and Fixtures 15. Accum. Dep'n - Store Bldg. 16. Sales (80% cash) 17. Accum. Dep'n - F and F 18. Depreciation Expense 19. Cash 20. Accounts Payable 21. Notes Payable 22. Interest Income 23. Mortgage Payable 24. Owner's drawings Current Assets: Noncurrent Assets: Current Liabilities: P 50,000 30,000 500 8,000 1,000 4,000 10,000 Noncurrent Liabilities: Owner's Equity: . 200 1,200 800 100,000 50,000 6,000 5,000 200,000 600 3,300 25,000 20,100 60,000 200 Performance Task: With the same information above (Written task), fill the amounts of the following SFP elements: 1,200 5,000
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Calculate the missing values Assets Liabilities Owners Equity STEP 1 Calculate the total of Current ... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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