2. Given the following account information for Ruffus Corporation, prepare a she

Question

2. Given the following account information for Ruffus Corporation, prepare a sheet in good form (report form) for the company as of December 31, 2 accounts have normal balances Equipment Accumulated Depreciation - Equip. 25,000 Interest Payable Retained Eamings, 12/31/17 Land Accounts Receivable Bonds Payable Notes Payable (due in 5 years) 40,000 Common Stock Preferred Stock Prepaid Advertising Buildings Accumulated Depr. - Building Supplies Income Taxes Payable Salarles and Wages Payable Cash 100,000 6,000 240,000 18,000 65,000 71,000 180,000 10,000 160,000 8,000 5,000 30,000 28,000 30,000

Explanation / Answer

BALANCE SHEET ASSETS AMOUNT LIABILITIES AMOUNT LONG TERM ASSET NON CURRENT LIABILITIES LAND                   240,000 COMMON STOCK                                71,000 EQUIPMENT                   100,000 PREFERRED STOCK                             180,000 LESS: ACCUMULATED DEPRECIATION                   (25,000)                     75,000 RETAINED EARNINGS (BAL FIG)                             110,000 BUILDING                   160,000 LESS: ACCUMULATED DEPRECIATION                      (8,000)                   152,000 BONDS PAYABLE                                65,000 NOTES PAYABLE                                40,000 CURRENT ASSETS CASH                     30,000 CURRENT LIABILITIES ACCOUNTS RECEIVABLE                     18,000 INCOME TAX PAYABLE                                30,000 SUPPLIES                       5,000 INTEREST PAYABLE                                  6,000 PREPAID ADVERTISING                     10,000 SALARIES AND WAGES PAYABLE                                28,000 TOTAL                   530,000 TOTAL                             530,000

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