Question

Given the following account information for Leong Corporation, prepare a balance sheet            (8 Marks) in report form...

  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
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

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

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
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...
Which Accounts get closed at the end of the year? Cash Petty Cash Accounts Receivable Allowance...
Which Accounts get closed at the end of the year? Cash Petty Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Interest Receivable Inventory Supplies Inventory Prepaid Insurance Prepaid Rent Debt Investments Equity Investments Land Buildings Accum. Depr. - Buildings Equipment Accum. Depr. - Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Dividends Payable Long-term Notes Payable Common Stock Retained Earnings Dividends Income Summary Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Advertising...
Prepare the income statement for this Information. ABC Corporation Adjusted Trial Balance December 31, 2016 Debit...
Prepare the income statement for this Information. ABC Corporation Adjusted Trial Balance December 31, 2016 Debit Credit Cash $        1,597,218 Accounts receivable              442,120 Allowance for doubtful accounts               75,000 Inventory                70,000 Allowance to Reduce Inventory to NRV               16,000 Purchases                        - Prepaid insurance                  4,500 Land                88,000 Building                37,500 Accumulated depreciation: building                 1,265 Equipment                21,600 Accumulated depreciation: equipment                 9,900 Patent                50,000 Accounts payable               88,851 Notes payable               40,000 Income taxes...
The accountant at Monsters, Inc. unexpectedly quit on December 31, 2017, leaving everything behind. You managed...
The accountant at Monsters, Inc. unexpectedly quit on December 31, 2017, leaving everything behind. You managed to find the following information: Accum. Depr. – Building            $15,000                        Interest Payable                                           600 Accum. Depr. – Equipment          10,000                        Inventory                                              $102,000 Accounts Receivable                     2,000                        Land                                                       137,320 Allowance for Bad Debt                    140                         Notes Payable (due 7/1/16)                     14,400 Bonds Payable (due 12/31/20)     78,000                        Prepaid Advertising                                   5,000 Buildings                                    80,400                        Retained Earnings                                             ? Cash                                           30,000                        Salaries Payable                                           900 Common Stock                           60,000                        Taxes Payable                                           3,000 Equipment                                  40,000 1. Greg Rio, the owner of the firm, is concerned about the types of disclosures that the firm needs for its balance sheet items. Discuss the disclosures that...
​(Working with an income statement and balance sheet​) Prepare a balance sheet and income statement for...
​(Working with an income statement and balance sheet​) Prepare a balance sheet and income statement for Kronlokken Company from the scrambled list of items shown in the popup​ window, Depreciation expense   66,000 Cash   225,000 Long-term debt   334,000 Sales   573,000 Accounts payable   102,000 General and administrative expenses   79,000 Buildings and equipment   895,000 Notes payable   75,000 Accounts receivable   153,000 Interest expense   4,750 Accrued operating expenses   7,900 Common stock   289,000 Cost of goods sold   297,000 Inventory   99,300 Taxes   50,500 Accumulated depreciation   -263,000 Prepaid...
The following list of accounts is from the adjusted trial balance for Monty Corporation: Accounts payable...
The following list of accounts is from the adjusted trial balance for Monty Corporation: Accounts payable $128,640 Equipment $907,200 Accounts receivable 179,520 Income tax expense 58,560 Accumulated depreciation—buildings 94,080 Insurance expense 112,320 Accumulated depreciation—equipment 217,920 Inventory 222,720 Advertising expenses 107,520 Land 1,056,000 Buildings 410,880 Loan payable (due in 2 years) 1,872,000 Cash 68,160 Prepaid expenses 27,840 Common shares 220,800 Property tax payable 17,280 Cost of goods sold 1,069,440 Refund liability 20,160 Deferred revenue 30,720 Salaries expense 744,960 Depreciation expense 180,480...
The income statement and selected balance sheet information for Calendars Incorporated for the year ended December...
The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 is presented below. Income Statement   Sales Revenue $ 72,000   Expenses:        Cost of Goods Sold 33,000        Depreciation Expense 15,400        Salaries and Wages Expense 9,400        Rent Expense 1,900        Insurance Expense 1,000        Interest Expense 900        Utilities Expense 700      Net Income $ 9,700    Selected Balance Sheet Accounts Ending Balances Beginning Balances   Inventory $ 435 $ 500   Accounts Receivable 1,500 1,260   Accounts Payable 1,360 1,620   Salaries...
The Skysong, Inc. opened for business on May 1, 2020. Its trial balance before adjustment on...
The Skysong, Inc. opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. Account Number Debit Credit 101 Cash $ 3,400 126 Supplies 2,050 130 Prepaid Insurance 3,000 140 Land 14,000 141 Buildings 59,400 149 Equipment 14,900 201 Accounts Payable $ 11,900 208 Unearned Rent Revenue 3,100 275 Mortgage Payable 40,000 311 Common Stock 35,800 429 Rent Revenue 10,750 610 Advertising Expense 650 726 Salaries and Wages Expense 3,300 732 Utilities Expense...
Complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure to calculate...
Complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure to calculate the total debits and credits in each step. Caroline Eagle, CPA Worksheet December 31, 2018 Adjusted Income Trial Balance Statement Account Names Debit Credit Debit Credit Cash $46,500 Accounts Receivable 13,100 Office Supplies 200 Prepaid Rent 5,600 Land 5,000 Building 130,000 Accumulated Depreciation—Building $1,100 Furniture 21,000 Accumulated Depreciation—Furniture 1,900 Accounts Payable 3,900 Utilities Payable 675 Salaries Payable 3,900 Interest Payable 900 Unearned Revenue 1,400...
The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are presented below. Income Statement   Sales Revenue $ 42,600   Expenses:        Cost of Goods Sold 18,000        Depreciation Expense 1,400        Salaries and Wages Expense 8,400        Rent Expense 3,900        Insurance Expense 1,600        Interest Expense 1,500        Utilities Expense 1,100   Net Income $ 6,700 Selected Balance Sheet Accounts Ending Balances Beginning Balances   Accounts Receivable $ 565     $ 590       Inventory 830     690       Accounts Payable...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT