List of Accounts: Accounts Payable Accounts Receivable Accrued Liabilities Accum

Question

List of Accounts:

Accounts Payable
Accounts Receivable
Accrued Liabilities
Accumulated Depreciation-Building
Accumulated Depreciation-Equipment
Advances to Employees
Allowance for Doubtful Accounts
Bonds Payable
Bond Sinking Fund
Buildings
Cash
Cash Surrender Value of Life Insurance
Common Stock
Construction in Process
Copyrights
Debt Investments
Dividends Payable
Discount on Bonds Payable
Equipment
Equity Investments
Finished Goods Inventory
Franchises
Goodwill
Income Tax Payable
Income Tax Receivable
Interest Payable
Interest Receivable
Inventory
Investments in Common Stock
Investments in Stocks and Bonds
Land
Notes Payable
Notes Receivable
Noncontrolling Interest
Paid-in Capital in Excess of Par - Common Stock
Paid-in Capital in Excess of Par - Preferred Stock
Patents
Payroll Tax Expense
Payroll Taxes Payable
Pension Asset/Liability
Pension Obligation
Plant Assets
Premium on Bonds Payable
Preferred Stock
Prepaid Advertising
Prepaid Insurance
Prepaid Expenses
Prepaid Rent
Raw Materials
Rent Payable
Restricted Cash
Retained Earnings
Salaries and Wages Payable
Supplies
Timberland
Treasury Stock
Trademarks
Unearned Service Revenue
Unearned Rent Revenue
Unearned Subscriptions Revenue
Work-in-Process

Problem 119 Given the following account information for Leong Corporation Equipment Interest Expense Interest Payable Retained Earnings Dividends Land Accounts Receivable Bonds Payable Notes Payable (due in 6 months) 28,830 Common Stock Accumulated Depreciation Equip. 11,830 Prepaid Advertising Service Revenue Buildings Supplies Income Taxes Payable Utilities Expense Advertising Expense Salaries and Wages Expense Salaries and Wages Payable Accumulated Depr. - Bld 58,200 2,680 550 41,580 137,320 104,170 76,450 66,260 5,020 337,500 79,760 1,710 2,910 1,400 1,530 53,220 940 15,390 45,600 8,470 Depreciation Expense

Explanation / Answer

Leong corporation Balance Sheet December 31,2014 Assets Cash $    45,600.00 Accounts Receivable $ 104,170.00 Supplies $       1,710.00 Prepaid Advertising $       5,020.00 Total Current Assets $ 156,500.00 Land $ 137,320.00 $ 137,320.00 Building $    79,760.00 Accumulated Depreciation -Building $    15,390.00 $    64,370.00 Equipment $    58,200.00 Accumulated Depreciation -Equipment $    11,830.00 $    46,370.00 $ 248,060.00 Total Assets $ 404,560.00 Liabilities & Stockholder's Equity Notes Payable $    28,830.00 Taxes Payable $       2,910.00 Salaries & Wages Payable $          940.00 Interest Payable $          550.00 Total Current Liabilities $    33,230.00 Long Term Liabilities Bonds Payable $    76,450.00 Total Liabilities $ 109,680.00 Common Stock $    66,260.00 Retained Earnings $ 228,620.00 $ 294,880.00 Total Stock holder's Equity Total Liabilities and stockholder's equity $ 404,560.00 Revenue $ 337,500.00 Expenses Salaries & Wages $    53,220.00 Utilities $       1,400.00 Advertising Expenses $       1,530.00 Depreciation $       8,470.00 Interest $       2,680.00 Dividend $    41,580.00 Retained Earnings $ 228,620.00

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