ABC Company Trial Balance Year Ending December 31, 2014 Cash $ 34,400 Accounts R
ID: 2446313 • Letter: A
Question
ABC Company
Trial Balance
Year Ending December 31, 2014
Cash
$ 34,400
Accounts Receivable
36,600
Merchandise Inventory (Beginning)
62,400
Land
92,000
Buildings
197,000
Accumulated Depreciation-Buildings
$ 54,000
Equipment
83,500
Accumulated Depreciation-Equipment
42,400
Notes Payable
50,000
Accounts Payable
37,500
Common Stock
200,000
Retained Earnings
67,800
Dividends
10,000
Sales
886,100
Sales Discounts
4,600
Purchases
725,100
Purchase Discounts
16,000
Freight-in
12,400
Salaries Expense
69,800
Utilities Expense
9,400
Repair Expense
5,900
Gas and Oil Expense
7,200
Insurance Expense
3,500
$ 1,353,800
$ 1,353,800
Adjustment data:
Merchandise inventory on hand at December 31, 2014 is $90,000.
Salaries are 80% selling and 20% administrative.
Utilities expense, repair expense, and insurance expense are 100% administrative.
$15,000 of the notes payable are payable next year.
Gas and oil expense is a selling expense.
The beginning balance of accounts receivable is $34,750.
The amount of total assets at the beginning of the year is $469,225.
Prepare a classified balance sheet as of December 31, 2014.
Cash
$ 34,400
Accounts Receivable
36,600
Merchandise Inventory (Beginning)
62,400
Land
92,000
Buildings
197,000
Accumulated Depreciation-Buildings
$ 54,000
Equipment
83,500
Accumulated Depreciation-Equipment
42,400
Notes Payable
50,000
Accounts Payable
37,500
Common Stock
200,000
Retained Earnings
67,800
Dividends
10,000
Sales
886,100
Sales Discounts
4,600
Purchases
725,100
Purchase Discounts
16,000
Freight-in
12,400
Salaries Expense
69,800
Utilities Expense
9,400
Repair Expense
5,900
Gas and Oil Expense
7,200
Insurance Expense
3,500
$ 1,353,800
$ 1,353,800
Explanation / Answer
Classified balance sheet Assets: cash 34400 accounts receivable 36600 merchandise inventory 90000 land 92000 building 197000 less: accumulated depreciation 54000 143000 equipment 83500 less: accumulated depreciation 42400 41100 Total Assets 437100 liabilities: Notes payable 50000 accounts payable(37500+39960) 77460 127460 shareholders equity 200000 retained earnings(Balancing figure) 109640 437100
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