Debits Credits Account litie Cash Accounts receivable Prepaid rent Inventory Off

Question

Debits Credits Account litie Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation-office equipment Accounts payable Note payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense 17,300 340,000 14,000 53,000 630,000 262,000 76,000 69,000 7,700 2,300 400,000 160,000 770,000 462,000 115,500 42,000 63,000 4,600 5,600 Totals 1,747,000 1,747,000

Explanation / Answer

Classified Balance sheet as of December 31, 2016 is shown as under:

Net Profit is arrived from below mentioned statement

BLUEBOY CHEESE CORPORATION Balance Sheet At December 31,2016 Amount ($) Amount ($) ASSETS Current assets Cash and cash equivalents 17,300 Account Receivable 340,000 Inventories 53,000 Prepaid Rent 14,000 Total current assets 424,300 Fixed assets Office equipment 630,000 Less: Accumulated depreciation-office equipment -262,000 Total non-current assets 368,000 Total assets 792,300 LIABILITIES AND EQUITY Current liabilities Accounts Payable 76,000 Note payable(due in six months) 69,000 Salaries Payable 7,700 Interest Payable 2,300 Total current liabilities 155,000 Total liabilities 155,000 Shareholders’ Equity Common stock 400,000 Net Profit 77,300 Retained earnings 160,000 Total equity 637,300 Total liabilities and equity 792,300

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.