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WileyPLUS | edugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUs ileyPLUS | HelpI Contact Us | Log Out WileyPLUS Kimmel, Financial Accounting, 7e Principles of Financial Accounting (ACC 153) CALCULATOR MESSAGE MY INSTRUCTOR STANDARD VIEW PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Exercise 2-5 Homewo These items are taken from the financial statements of Donavan Co. at December 31, 2014 VDo It! Review 2-4 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2014) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation-equipment Interest payable Service revenue $105,800 12,600 3,200 11,840 82,400 61,200 780 5,300 2,600 60,000 40,000 45,600 9,500 93,600 18,720 3,600 14,700 Exercise 2-5 Review Scor Review Results by tudy Objective Prepare a classified balance sheet. Assume that order of land, buildings and equipment.) 13,600 of the note payable will be paid in 2015. (List current assets in order of liquidity and property plant and equipment in DONAVAN COMPANY Balance Sheet December 31, 2014 Assets 1:29 AM 3/2/2016 Search the web and Windows

Explanation / Answer

DONAVAN COMPANY Balance Sheet December 31, 2014 Assets Amount $ Amount $ Fixed Assets: Buildings ($105,800-$45,600)         60,200 Equipment ($82,400-$18,720)         63,680 Land         61,200 Total Fixed assets       185,080 Current Assets Accounts Receivables         12,600 Prepaid Insurance            3,200 Cash         11,840 Total Current assets         27,640 Total Assets       212,720 Liabilities Amount $ Amount $ Non-Current Liabilities Common Stock         60,000 Retained Earnings ($40,000+$6,020)         46,020 Total Non-Current Liabilities       106,020 Current Liabilities Accounts Payable            9,500 Notes Payable         93,600 Interest Payable            3,600 Total Current Liabilities       106,700 Total Liabilities       212,720 Income Statement Amount $ Service Revenue         14,700 Less: Insurance expenese               780 Depreciation expenses            5,300 Interest expenses            2,600 Net Income Transferred to Retained Earnings            6,020

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