Question 6 (24 points) The following is the Bravo Unlimited adjusted Trail Balan
ID: 2569382 • Letter: Q
Question
Question 6 (24 points)
The following is the Bravo Unlimited adjusted Trail Balance.
Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
231,860
Supplies
17,255
Equipment
395,285
Accumulated Depreciation
$224,260
Accounts Payable
72,555
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
893,105
Interest Income
1,500
Dividends
2,000
Rent Expense
58,500
Wages Expense
527,260
Supplies Expense
42,520
Utilities Expense
8,595
Depreciation Expense
150,840
________
Totals
$1,522,565
$1,522,565
Use this information to prepare the Balance Sheet for the fiscal year. There are additional lines in the formatted Balance Sheet form to allow for authorized alternate presentations.
Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
231,860
Supplies
17,255
Equipment
395,285
Accumulated Depreciation
$224,260
Accounts Payable
72,555
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
893,105
Interest Income
1,500
Dividends
2,000
Rent Expense
58,500
Wages Expense
527,260
Supplies Expense
42,520
Utilities Expense
8,595
Depreciation Expense
150,840
________
Totals
$1,522,565
$1,522,565
Explanation / Answer
Use this information to prepare the Balance Sheet for the fiscal year.
ASSETS CURRENT ASSETS Cash 88450 Account receivable 231860 Supplies 17255 TOTAL CURRENT ASSETS 337565 NON CURRENT ASSETS Equipment 395285 Less: Accumlated depreciation (224260) 171025 TOTAL ASSETS 508590 LIABILITIES AND SHAREHOLDER'S EQUITY CURRENT LIABILITIES Account payable 72555 Total current liabilities 72555 LONG TERM LIABILITIES SHAREHOLDER'S EQUITY Common stock 220000 Retained earnings (111145+106890-2000) 216035 TOTAL SHAREHOLDER'S EQUITY 436035 TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 508590Related Questions
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