Question

The accounts of the Capitan Company are shown below: Capitan Company List of Accounts as on...


The accounts of the Capitan Company are shown below:

Capitan Company
List of Accounts as on
December 31

Accounts payable
$20,000

Accounts receivable
18,000

Accumulated depreciation
11,000

Equity shares
75,000

Cash
85,000

Building and equipment
81,000

Inventory
15,000

Long-Term investment
30,000

Land
27,000

Marketable securities
3,000

Mortgage payable
89,000

Patents
4,000

Prepaid rent
6,000

Retained earnings
?

Supplies
6,000

Taxes payable
11,000

Unearned revenue
19,000

Required:
Prepare a balance sheet at December 31 for the Capitan Company. Assume that no dividends were declared during the year.

Business   Accounting   
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Answer #1

Lets Prepare the Balance sheet in T format and arrive the retained earnings as balancing figure

Assets Amount(in$) Liabilities and Stockholer's Equity Amount(in$)
Current Assets Liabilities
Cash 85000 Mortgage Payable 89000
Account Receivable 18000 Accounts Payable 20000
Prepaid rent 6000 Taxes Payable 11000
Inventory 15000 Unearned Revenue 19000
Supplies 6000
Marketable securities 3000
Total Current assets 133000 Total Liabiities 139000
Non Current Assets Stockholder's Equity
Land 27000 Equity shares 75000
Patent 4000 Retained Earnings(B/F) 50000 125000
Building and Equipment 81000
less; accumaled depreciation 11000 70000
Long term Investment 30000
Total Assets 264000 Total Liabilities and Stockholder's Equity 264000
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