Hwk due June 7th June 7th Kimmel, Accounting, 6e Help I S ES Exercise 2-5 These
ID: 2406712 • Letter: H
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Hwk due June 7th June 7th Kimmel, Accounting, 6e Help I S ES Exercise 2-5 These items are taken from the financial statements of Windsor, Inc. at December 31, 2017. Buildings Accounts receivable Prepaid insurance Cash $97,336 11,592 2,944 10,893 75,808 56,304 udy Equipment Land Insurance expense 718 Depreciation expense Interest expense Common stock Retained earnings (January 1, 2017) Accumulated depreciation-buildings Accounts payable Notes payable 4,876 2,392 55,200 36,801 41,952 8,740 86,112 17,222 3,312 13,524 Accumulated depreciation-equipment Interest payable Service revenue Prepare a classified balance sheet. Assume that $12,512 of the note payable will be paid in 2018. (List curr equipment in order of land, buildings and equipment.) Windsor, Inc Balance SheetExplanation / Answer
Windsor Inc
Balance Sheet
Assets
Current Assets
Cash
10,893
Accounts Receivables
11,592
Prepaid Insurance
2,944
25,429
Plant, Property, and Equipment
Buildings
97,336
Accumulated Dep-Building
(41,952)
55,384
Equipment
75,808
Accumulated Dep-Equip
(17,222)
58,586
Land
56,304
Total Assets
195,703
Liabilities & Shareholder’s Equity
Current Liabilities
Accounts Payables
8,740
Interest Payable
3,312
Note Payable
12,512
24,564
Long Term Liabilities
Note Payable
73,600
Total Liabilities
98,164
Shareholder Equity
Common Stock
55,200
Retained Earnings
42,339
97,539
Total Liabilities & Shareholder Equity
195,703
Net Income for the year = 13524 -2392 -4876 -718 = $5,538
Retained Earnings = Beginning Balance + Net Income for the year
= $36,801 + 5,538
= $42,339
Windsor Inc
Balance Sheet
Assets
Current Assets
Cash
10,893
Accounts Receivables
11,592
Prepaid Insurance
2,944
25,429
Plant, Property, and Equipment
Buildings
97,336
Accumulated Dep-Building
(41,952)
55,384
Equipment
75,808
Accumulated Dep-Equip
(17,222)
58,586
Land
56,304
Total Assets
195,703
Liabilities & Shareholder’s Equity
Current Liabilities
Accounts Payables
8,740
Interest Payable
3,312
Note Payable
12,512
24,564
Long Term Liabilities
Note Payable
73,600
Total Liabilities
98,164
Shareholder Equity
Common Stock
55,200
Retained Earnings
42,339
97,539
Total Liabilities & Shareholder Equity
195,703
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