Question

The trial balance for K and J Nursery, Inc., listed the following account balances at December...

The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2018, the end of its fiscal year: cash, $26,000; accounts receivable, $21,000; inventories, $35,000; equipment (net), $90,000; accounts payable, $24,000; wages payable, $10,000; interest payable, $6,000; note payable (due in 18 months), $40,000; common stock, $70,000.

Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $165,000. (Amounts to be deducted should be indicated by a minus sign.)

K AND J NURSERY, INC.
Balance Sheet
At December 31, 2018


  

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Retained Earnings = Total Assets - Total Liabilities - Common Stock
Retained Earnings = $172,000 - $80,000 - $70,000
Retained Earnings = $22,000
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
The following is a December 31, 2018, post-closing trial balance for Culver City Lighting, Inc. Account...
The following is a December 31, 2018, post-closing trial balance for Culver City Lighting, Inc. Account Title Debits Credits Cash 64,000 Accounts receivable 48,000 Inventories 54,000 Prepaid insurance 24,000 Equipment 120,000 Accumulated depreciation—equipment 43,000 Patent, net 49,000 Accounts payable 16,500 Interest payable 6,500 Note payable (due in 10, equal annual installments) 150,000 Common stock 79,000 Retained earnings 64,000 Totals 359,000 359,000 Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a...
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Account...
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Account Title Debits Credits Cash $ 75,000 Accounts receivable 59,000 Inventory 65,000 Prepaid insurance 35,000 Equipment 160,000 Accumulated depreciation $ 54,000 Patent (net) 60,000 Accounts payable 22,000 Interest payable 12,000 Notes payable (due in 10 years) 210,000 Common stock 90,000 Retained earnings 66,000 Totals $ 454,000 $ 454,000 Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash $ 51,000 Accounts receivable 45,000 Inventories 86,000 Prepaid rent for the next 8 months 27,000 Marketable securities (short term) 21,000 Machinery 200,000 Accumulated depreciation—machinery $ 22,000 Patent (net of amortization) 90,000 Accounts payable 13,500 Wages payable 9,500 Taxes payable 43,000 Bonds payable (due in 10 years) 250,000 Common stock 140,000 Retained earnings 42,000 Totals $ 520,000 $ 520,000 Required: Prepare a...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash 47,000 Accounts receivable 41,000 Inventories 82,000 Prepaid rent for the next 8 months 23,000 Marketable securities (short term) 17,000 Machinery 180,000 Accumulated depreciation—machinery 18,000 Patent (net of amortization) 86,000 Accounts payable 11,500 Wages payable 7,500 Taxes payable 39,000 Bonds payable (due in 10 years) 210,000 Common stock 100,000 Retained earnings 90,000 Totals 476,000 476,000 Required: Prepare a classified balance sheet for...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash $ 52,000 Accounts receivable 46,000 Inventories 87,000 Prepaid rent for the next 8 months 28,000 Marketable securities (short term) 22,000 Machinery 205,000 Accumulated depreciation—machinery $ 23,000 Patent (net of amortization) 91,000 Accounts payable 14,000 Wages payable 10,000 Taxes payable 44,000 Bonds payable (due in 10 years) 260,000 Common stock 150,000 Retained earnings 30,000 Totals $ 531,000 $ 531,000 Required: Prepare a...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash $ 45,000 Accounts receivable 39,000 Inventories 80,000 Prepaid rent for the next 8 months 21,000 Marketable securities (short term) 15,000 Machinery 170,000 Accumulated depreciation—machinery $ 16,000 Patent (net of amortization) 84,000 Accounts payable 10,500 Wages payable 6,500 Taxes payable 37,000 Bonds payable (due in 10 years) 190,000 Common stock 150,000 Retained earnings 44,000 Totals $ 454,000 $ 454,000 Required: Prepare a...
The following is a December 31, 2018, post-closing trial balance for Culver City Lighting, Inc. Account...
The following is a December 31, 2018, post-closing trial balance for Culver City Lighting, Inc. Account Title Debits Credits Cash $ 55,000 Accounts receivable 39,000 Inventories 45,000 Prepaid insurance 15,000 Equipment 100,000 Accumulated depreciation—equipment $ 34,000 Patent, net 40,000 Accounts payable 12,000 Interest payable 2,000 Note payable (due in 10, equal annual installments) 100,000 Common stock 70,000 Retained earnings 76,000 Totals $ 294,000 $ 294,000 a. Calculate the current ratio. b. Calculate the acid-test ratio. c. Calculate the debt to...
The adjusted trial balance for DVD Concepts at December 31, 2017, as follows: DVD CONCEPTS Adjusted...
The adjusted trial balance for DVD Concepts at December 31, 2017, as follows: DVD CONCEPTS Adjusted Trial Balance Year Ended December 31, 2017                                                                               Accounts                                                                      Debit                     Credit Cash                                                                         $    8,000 Accounts Receivable                                                 16,000 Supplies                                                                          6,000 Prepaid Insurance                                                         8,000 Computer Equipment                                               210,000 Accum. Depreciation—Computer Equipment                                     $ 25,000 Accounts Payable                                                                                        20,000 Note Payable                                                                                                71,000 Salaries Payable                                                                                            3,000 J. Yan, Capital                                                                                            109,000 J. Yan, Withdrawals                                                   12,000 DVD Rental Revenue                                                                               133,000 Advertising Expense                                                  26,000 Depreciation Expense                                                12,000 Rent Expense                                                              19,000 Salaries Expense                                                       ...
The unadjusted trial balance of Sketch Star Makers Inc., prepared as of December 31, 2018, includes...
The unadjusted trial balance of Sketch Star Makers Inc., prepared as of December 31, 2018, includes the following account balances. All of the accounts listed have normal balances. Cash $ 13,000 Accounts Receivable 2,600 Supplies 2,200 Prepaid Insurance 6,000 Equipment 16,000 Accumulated Depreciation 2,600 Notes Payable (long-term) 26,000 Deferred Revenue 8,000 Service Revenue 36,000 Salaries and Wages Expense 33,000 The following information is also available: A) A count of supplies revealed $1,000 worth on hand at December 31, 2018. B)...
Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the year ended...
Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the year ended December 31 follow. Accounts payable $ 5,600 Accounts receivable $ 17,200 Cash 46,000 Gomez, Capital 21,000 Land 31,000 Long-term notes payable 26,000 Pearson, Capital 36,000 Litt, Capital 5,600 Prepare a classified balance sheet.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT