Below is the trial balance for evets which took place is 2014. Below is the bala
ID: 2445868 • Letter: B
Question
Below is the trial balance for evets which took place is 2014.
Below is the balance sheet for for Dec 31 2013. Which balances would you add to the above trial balance from the 2013 balance sheet.
CAPTAIN JET INC.
BALANCE SHEET
DECEMBER 31, 2013
Current Assets
Cash
41,200
Notes Receivable
16,000
Accounts Receivable
41,800
Less: Allowance for Doubtful Accounts
(3,000)
Inventories
40,000
Prepaid Insurance
540
Prepaid Rent
500
Total Current Assets
137,040
Non-Current Assets
Long-term Investments
Investments in held-for-maturity securities
51,000
Land held for future development
45,500
Property, Plant, and Equipment
Land
85,000
Buildings
675,000
Less: Accumulated Depreciation (187,500)
Intangible Assets
Capitalized Development Costs 8,000
Goodwill 76,000
Other Identifiable Intangible Assets 48,000
Total Non-Current Assets 801,000
Total Assets 938,040
Current Liabilities
Notes Payable 110,000
Accounts Payable 33,500
Unearned Revenues 12,000
Income Taxes Payable 8,440
Property Taxes Payable 6,600
Interest Payable 1,500
Total Current Liabilities 172,040
Non-Current Liabilities
Provisions Related to Pensions 84,000
Bonds Payable 300,000
Total Non-Current Liabilities 384,000
Total Liabilities 556,040
Stockholders' Equity
Common Stock 100,000
Preferred Stock 100,000
Paid-in-capital - Common Stock 27,500
Paid-in-capital - Preferred Stock 10,000
Retained Earnings 152,250
Accumulated Other Comprehensive Income 5,000
Less: Treasury Stock (12,750)
Total Stockholders' Equity 382,000
Total Liabilities and Stockholders' Equity 938,040
Can you create another trial balance with the 2013 balances added?
Current Assets
Cash
41,200
Notes Receivable
16,000
Accounts Receivable
41,800
Less: Allowance for Doubtful Accounts
(3,000)
Inventories
40,000
Prepaid Insurance
540
Prepaid Rent
500
Total Current Assets
137,040
Non-Current Assets
Long-term Investments
Investments in held-for-maturity securities
51,000
Land held for future development
45,500
Property, Plant, and Equipment
Land
85,000
Buildings
675,000
Explanation / Answer
Answer:
Particulars Debit Credit Accounts payable -27210 Accounts receivable -6100 Bad debt expense 1300 Cash -3958 Dividend 800 Common stock 10000 Land 15000 Gain on purchase of land 5000 Interest expense 4500 Interest payable -1500 Merchandise inventory 38146 Notes payable 10000 Office supplies 400 Sales return & allowance 400 Prepaid rent 6000 Sales discount 400 Utilities expense 12152 Salary and wages 45500 Outstanding salary 1500 Utilities payable 1250 Sales revenue 0 115500 Total 114540 114540Related Questions
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