ACCT101-Exam 1 9. Partial adjusted trial balance for McCoy Bowling Alley at Dece

Question

ACCT101-Exam 1 9. Partial adjusted trial balance for McCoy Bowling Alley at December 31, 2017, contains the following accounts. Prepare a classified balance sheet; assume that $30,000 of the note payable will be paid in 2018 Debit $200,000 Owner's Capital 15,520 Credit Buildings Accounts Receivable Prepaid Insurance 4,680 Accounts Payable Cash $115,000 Accumulated Depreciation-39,00 Buildings 19,040 Notes Payable 60,000 67,000 nterest Payable 84,300 97,780 18,760 4,000 19,180 Accumulated Depreciation- Equipment Equipment Land Insurance Expense 780 Depreciation Service Revenue $378,020 7,000 4,000 $378,020 Expense Interest Expense

Explanation / Answer

BALANCE SHEET AS ON 31ST DECEMBER 2017

CAPITAL & LIABILITIES:

OWNERS CAPITAL

OPENING BALANCE 115000

ADD CURRENT YEAR PROFIT 7400

TOTAL 122400

ACCUMULATED DEPRECIATION

BUILDING 39000

EQUIPMENT 18760

TOTAL 57760

ACCOUNTS PAYABLE 84300

NOTES PAYABLE 97780

INTEREST PAYABLE 4000

GRAND TOTAL 366240/-

ASSETS

BUILDING 200000

EQUIPMENT 60000

LAND 67000

ACCOUNT RECEIVABLE 15520

PREPAID INSURANCE 4680

CASH 19040

GRAND TOTAL 366240

NOTES :

1) Current years profit is $ 7400 after deducting insurance expenses+depreciation expenses+interest expenses from service revenue

2) $30000/- relating to notes payable paid in the next year. So the same does not take into the accounts of current year

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