Question

1. Given the following account information for Leong Corporation, prepare a balance sheet            

in report form for the company as of December 31, 2017. All accounts have normal balances.

Equipment                                         70,000

Interest Expense                               2,400

Interest Payable                                600

Retained Earnings                          234,680

Land                                               137,320

Accounts Receivable                        102,000

Bonds Payable                                  78,000

Notes Payable (due in 6 months)      34,400

Common Stock                                 70,000

Accumulated Depreciation - Equip   10,000

Prepaid Advertising                          5,000

Service Revenue                           351,400

Buildings        80,400

Supplies                                        1,860

Income Taxes Payable                 3,000

Utilities Expense                           1,320

Advertising Expense                     1,560

Salaries and Wages Expense       53,040

Salaries and Wages Payable        900

Accumulated Depr. - Bld.             15,000

Cash                                             50,000

Depreciation Expense                  8,000

1. Given the following account information for Leong Corporation, prepare a balance sheet            

in report form for the company as of December 31, 2017. All accounts have normal balances.

Equipment                                         70,000 Interest Expense                               2,400 Interest Payable                                600 Retained Earnings                          234,680 Land                                               137,320 Accounts Receivable                        102,000 Bonds Payable                                  78,000 Notes Payable (due in 6 months)      34,400 Common Stock                                 70,000 Accumulated Depreciation - Equip   10,000 Prepaid Advertising                          5,000

Service Revenue                           351,400 Buildings        80,400 Supplies                                        1,860 Income Taxes Payable                 3,000 Utilities Expense                           1,320 Advertising Expense                     1,560 Salaries and Wages Expense       53,040 Salaries and Wages Payable        900 Accumulated Depr. - Bld.             15,000 Cash                                             50,000 Depreciation Expense                  8,000

Answer 1

Leong Corporation balance sheet as of December 31, 2017, All accounts have normal balances.

liabilities Assets

Retained earnings 234680 equipment 70000

Bonds payable 78000 -accumulated dep (10000) 60000

notes payable 34400 Buildings 80400

Interest payable 600 -accumulated dep (15000) 65400

Income tax payable 3000    Land   137320

Salaries/wages payable 900 Accounts Receivable 102000  

Common Stock 70000 Cash 50000

Prepaid Advertisement 5000

Supplies 1860

Answer 421580 421580