An alphabetical list of the adjusted trial balance accounts for North Country Re

Question

An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March 31, 2014, is shown below:

Prepare a classified balance sheet. Assume that $211,000 of the Long-Term Notes Payable will be paid during the year ended March 31, 2015. Also, $51,000 of the notes receivable will be collected by March 31, 2015. (Be sure to list the assets and liabilities in order of their liquidity.)

An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March 31, 2014, is shown below:

Explanation / Answer

the capital balance as it would appear on the March 31, 2014, balance sheet. = 503595

income statement rent eanred 390400 expenses: advertising exp 15400 depr buidling 24200 dep furntire 2700 interst expese 10180 janitorial expense 40200 salaries exense 122625 supplies expense 5300 utilites expense 35920 total expense 256525 net income 133875 CAPITAL account wyetth north capital 396920 ADD: net income 133875 Less: wyett north withdrawls 27200 Wyett capital balance 503595 balane sheet Assets current assets: cash 16200 supplies 620 prepaid advertising 320 rent receivable 15200 total current assets 32340 plant, property and equipment building 583000 Less: accumul dep -24200 558800 furniture 41200 Less: accumul dep -2700 38500 land 102000 Patent 2200 suspense account 8000 total assets 741840 Liabilities and stockholders' equity current liabilities accounts payable 8300 interest payable 720 notes payable 84000 salaries payable 2225 total current liabilities 95245 long term liabilities long term notes payable 143000 Capital 503595 total liabilties and capital 741840

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