Consider the following account balances of Purrfect Pets, Inc., as of June 30, Y

Question

Consider the following account balances of Purrfect Pets, Inc., as of June 30, Year 3 Accounts Payable Equipment Common Stock Income Tax Payable $112,960 Retained Earnings 423,000 207,000 Accounts Receivable 56,100 344,600 203,900 97,800 Notes Payable, due Year 5 4,040 Cash Required Prepare a classified balance sheet at June 30, Year 3 Balance Sheet At June 30, Year 3 Assets Liabilities Current Assets Current Liabilities: Total Current Assets Total Current Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Assets Total Liabilities & Stockholders' Equity

Explanation / Answer

Stock amount is calculated as difference between the total assets and liability.

                                                            Balance sheet Asset Amount Liability Amount Current Asset Current Liability Cash 97800 Income tax payable 4040 Accounts payable 112960 Total Current Asset 97800 Total Current Liability 117000 Notes payable 344600 Equipment 423000 Stock (Balancing figure) 203900 Total Liability 344600 Common stock 207000 Retained earning 56100 Total Stock holder's equity 263100 Total Assets 724700 Total liability & stockholder's equity 724700

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.