Question

Brick Master has a September 30 year-end. At the end of 20Y5, the company’s assets are...

Brick Master has a September 30 year-end. At the end of 20Y5, the company’s assets are as follows: Machinery, $15,700 with $1,600 accumulated depreciation; Prepaid Rent, $1,200; a building bought on September 30 for $16,500; Cash, $2,250; and Accounts Receivable, $3,150. The owner, Kathleen Dills, has a capital account balance of $6,150. The liabilities include Notes Payable, $22,700, which includes $3,200 due within the following year; Accounts Payable, $6,600; and Taxes Payable, $1,750. Prepare the company’s balance sheet for the year-end.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

BALANCE SHEET

ASSETS

CURRENT ASSETS $

PREPAID RENT 1200

ACCOUNTS RECEIVABLE 3150

CASH 2250

TOTAL CURRENT ASSETS 6600

FIXED ASSETS

MACHINERY 15700

LESS:ACC.DEPRECIATION (1600) 14100

BUILDING 16500

TOTAL NON CURRENT ASSETS 30600

TOTAL ASSETS 37200

LIABILITIES

CURRENT LIABILITIES $

ACCOUNTS PAYABLE 6600

TAXES PAYABLE 1750

TOTAL NON CURRENT LIABILITIES 8350

NON CURRENT LIABILITIES

NOTES PAYABLE 22700

TOTAL LIABILITIES 31050

SHAREHOLDERS CAPITAL

CAPITAL 6150

TOTAL LIABILITIES & CAPITAL 37200

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Carla Vista Company has a September 30 fiscal year end and prepares adjusting entries on an...
Carla Vista Company has a September 30 fiscal year end and prepares adjusting entries on an annual basis. The trial balance included the following selected accounts: Accumulated depreciation $4,650 Depreciation expense 0 Interest expense 3,400 Interest payable 0 Interest receivable 0 Interest revenue 0 Salaries expense 155,000 Salaries payable 0 Additional information for its September 30, 2021, year-end adjustments: 1. Carla Vista has a two-year, 3.5% note receivable for $4,800 that was issued on April 1, 2021. Interest is payable...
Built-Tight is preparing its master budget for the quarter ended September 30, 2017. Budgeted sales and...
Built-Tight is preparing its master budget for the quarter ended September 30, 2017. Budgeted sales and cash payments for product costs for the quarter follow: July August September Budgeted sales $ 60,000 $ 76,000 $ 52,000 Budgeted cash payments for Direct materials 16,960 14,240 14,560 Direct labor 4,840 4,160 4,240 Factory overhead 21,000 17,600 18,000 Sales are 30% cash and 70% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes...
Built-Tight is preparing its master budget for the quarter ended September 30, 2017. Budgeted sales and...
Built-Tight is preparing its master budget for the quarter ended September 30, 2017. Budgeted sales and cash payments for product costs for the quarter follow: July August September Budgeted sales $ 62,500 $ 78,500 $ 49,500 Budgeted cash payments for Direct materials 16,460 13,740 14,060 Direct labor 4,340 3,660 3,740 Factory overhead 20,500 17,100 17,500 Sales are 25% cash and 75% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes...
Carla Vista Company has a September 30 fiscal year end and prepares adjusting entries on an...
Carla Vista Company has a September 30 fiscal year end and prepares adjusting entries on an annual basis. The trial balance included the following selected accounts: Accumulated depreciation $4,650 Depreciation expense 0 Interest expense 3,400 Interest payable 0 Interest receivable 0 Interest revenue 0 Salaries expense 155,000 Salaries payable 0 Additional information for its September 30, 2021, year-end adjustments: 1. Carla Vista has a two-year, 3.5% note receivable for $4,800 that was issued on April 1, 2021. Interest is payable...
You are provided with the following information for Blossom Company, effective as of its April 30,...
You are provided with the following information for Blossom Company, effective as of its April 30, 2017, year-end. Accounts payable $ 864 Accounts receivable 910 Accumulated depreciation—equipment 670 Cash 1,370 Common stock 1,200 Cost of goods sold 1,090 Depreciation expense 305 Dividends 355 Equipment 2,520 Income tax expense 195 Income taxes payable 165 Insurance expense 240 Interest expense 430 Inventory 1,067 Land 3,200 Mortgage payable 3,600 Notes payable 161 Prepaid insurance 90 Retained earnings (beginning) 1,600 Salaries and wages expense...
Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash...
Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow. July August September Budgeted sales $ 59,500 $ 75,500 $ 52,500 Budgeted cash payments for Direct materials 17,060 14,340 14,660 Direct labor 4,940 4,260 4,340 Factory overhead 21,100 17,700 18,100 Sales are 30% cash and 70% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 31,508...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 31,508 $ 36,830 $ 39,140 Accounts receivable, net 95,979 65,768 50,140 Merchandise inventory 115,989 87,777 54,489 Prepaid expenses 10,147 9,865 4,221 Plant assets, net 291,311 269,531 239,610 Total assets $ 544,934 $ 469,771 $ 387,600 Liabilities and Equity Accounts payable $ 134,332 $ 80,979 $ 52,186 Long-term notes payable secured by mortgages on plant assets 100,399 108,047 85,660 Common stock, $10 par value 162,500 162,500...
MATTHEWS LANES Work Sheet For Year Ended June 30 Account Income Statement Balance Sheet Dr Cr...
MATTHEWS LANES Work Sheet For Year Ended June 30 Account Income Statement Balance Sheet Dr Cr Dr Cr Cash 11,275 Accounts receivable 1,750 Office supplies 800 Prepaid insurance 3,400 Scoring equipment 140,000 Accumulated depreciation –      scoring equipment 21,700 Salaries payable 800 Common stock 20,000 Retained earnings (unadjusted) 40,000 Dividends 46,425 Bowling revenue 138,075 Depreciation expense –      scoring equipment 10,825 Salaries expense 1,800 Insurance expense 1,200 Rent expense 1,600 Office supplies expense 400 Repairs expense 350 Telephone expense 750 Totals 16,925...
At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity accounts are...
At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity accounts are reported. Common stock, $10 par value $ 480,000 Paid-in capital in excess of par value, common stock 120,000 Retained earnings 340,000 In the fourth quarter, the following entries related to its equity are recorded. Date General Journal Debit Credit Oct. 2 Retained Earnings 60,000 Common Dividend Payable 60,000 Oct. 25 Common Dividend Payable 60,000 Cash 60,000 Oct. 31 Retained Earnings 95,000 Common Stock Dividend...
Raintree Corporation maintains its records on a cash basis. At the end of each year the...
Raintree Corporation maintains its records on a cash basis. At the end of each year the company’s accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2021: Cash receipts: From customers $ 535,000 Interest on note 3,350 Issue of common stock 50,000 Total cash receipts $ 588,350 Cash disbursements: Purchase of merchandise $ 237,000 Annual insurance payment 7,000 Payment of salaries 197,000 Dividends paid to shareholders 9,000...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT