Given the following account information for Comarc Corporation, prepare a classi
ID: 2414941 • Letter: G
Question
Given the following account information for Comarc Corporation, prepare a classified balance sheet in report form for the company as of December 31, 2014. All accounts have normal balances. Equipment 60,000 Interest Expense 2,400 Interest Payable 600 Retained Earnings ? Dividends 50,400 Land (used in the business) 137,320 Accounts Receivable 102,000 Bonds Payable 78,000 Notes Payable (due in 6 months) 29,400 Common Stock 70,00 Accumulated Depreciation - Equip. 10,000 Prepaid Advertising 5,000 Service Revenue 341,400 Buildings 80,400 Supplies 1,860 Income Taxes Payable 3,000 Utilities Expense 1,320 Advertising Expense 1,560 Salaries and Wages Expense 53,040 Salaries and Wages Payable 900 Accumulated Depr. - Bld. 15,000 Cash 45,000 Depreciation Expense 8,000
Explanation / Answer
Solution :
Assets
Current assets
Accounts receivable
102000
Supplies
1860
Prepaid advertising
5000
Cash
45000
153860
Long term asset
Equipment
60000
Accumulated depr.
-10000
50000
Land
137320
Building
80400
Accumulated depr.
-15000
65400
252720
Total asset
406580
Liabilities and equities
Current liabilities
Interest payable
600
Notes payable
29400
Income tax payable
3000
Salaries and wages payable
900
33900
Long term liabilities
Bonds payable
78000
Total liabilities
111900
Stockholder's equity
Common stock
70000
Retained earning (406580-111900)
224680
294680
Total liabilities and equities
406580
Assets
Current assets
Accounts receivable
102000
Supplies
1860
Prepaid advertising
5000
Cash
45000
153860
Long term asset
Equipment
60000
Accumulated depr.
-10000
50000
Land
137320
Building
80400
Accumulated depr.
-15000
65400
252720
Total asset
406580
Liabilities and equities
Current liabilities
Interest payable
600
Notes payable
29400
Income tax payable
3000
Salaries and wages payable
900
33900
Long term liabilities
Bonds payable
78000
Total liabilities
111900
Stockholder's equity
Common stock
70000
Retained earning (406580-111900)
224680
294680
Total liabilities and equities
406580
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