Exercise 2-8 (Part Level Submission) These financial statement items are for Wil

Question

Exercise 2-8 (Part Level Submission) These financial statement items are for Wildhorse Co. at year-end, July 31, 2017 Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2020) Common stock Cash Accounts receivable Accumulated depreciation-equipment $3,880 59,200 17,000 20,300 4,100 67,800 9,900 2,900 16,000 30,900 10,880 7,600 4,000 5,600 35,700 Depreciation expense Retained eamings (beginning of the year) Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.) Wildhorse Co. Balance Sheet Assets Liabilities and Stockholders' Equity

Explanation / Answer

Balance sheet :

Wildhorse Co Balance sheet july 31,2017 Assets Current assets Cash 30900 Account receivable 10880 Total current assets 41780 Non Current assets Equipment 20300 Less: Accumlated depreciation-Equipment -7600 12700 Total Assets 54480 Liabilities and stockholder's equity Current liabilties Account payable 4100 Salary and wages payable 3880 Total current liabilities 7980 Long term liabilities Notes payable 2900 Total liabilities 10880 Stockholder's equity Common Stock 16000 Retained earnings 27600 Total Stockholder's equity 43600 Total liabiltiies and stockholder's equity 54480

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