Question

Given the following account information for the first year of Atlantic Enterprises, prepare the asset section...

Given the following account information for the first year of Atlantic Enterprises, prepare the asset section of the a balance sheet ONLY for the company as of December 31, 2020. All accounts have normal balances.

Equipment 60,000

Interest Expense 2,400

Interest Payable 600

Retained Earnings ?

Dividends 50,400

Land 137,320

Accounts Receivable 102,000

Bonds Payable 78,000

Notes Payable (due in 6 months) 29,400

FV-NI Investments (FV 19,500) 17,000

Common Shares 70,000

Accumulated Depreciation—Equip 10,000

Prepaid Advertising 5,000

Service Revenue 341,400

Buildings 80,400

Supplies 1,860

Income Taxes Payable 3,000

Utilities Expense 1,320

FV-OCI Investments (FV 49,000) 51,000

Advertising Expense 1,560

Long Term Investments 66,000

Salaries and Wages Expense 53,040

Salaries and Wages Payable 900

Accumulated Depr.—Bld 15,000

Cash 45,000

Depreciation Expense 8,000

Business   Accounting   
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Answer #1

Assets

Cuurent assets;

Cash $45,000

Accounts receivable    102,000

Prepaid advertising 5,000

Inventory: Supplies 1,860   

NI-Investment 19,500

OCI-Investment    49,000 222,360

Longterm Investment $66,000

Property, plant and equipmet:

Land $137,320

Equiment $60,000

Less: Accumulated depreciation-equip. 10,000 50,000  

Building   $80,400

Less: Accumulated depreciation-bld. 15,000 65,400 318,720

Total assets $475,080

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