1.Given the following account information for XYZ Corporation, prepare a balance
ID: 2418535 • Letter: 1
Question
1.Given the following account information for XYZ Corporation, prepare a balance sheet in report form for the company as of December 31, 2014. 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
Common Stock 70,000
Accumulated Depreciation - Equip. 10,000
Prepaid Advertising 5,000
Service Revenue 341,400
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 Depreciation - Building 15,000
Cash 45,000
Depreciation Expense 8,000
Explanation / Answer
Balance Sheet as on 31st December 2014 Particulars Amount Amount in $ Current Assets Cash $45,000 Accounts Receivable 102000 Prepaid Advertising 5000 Supplies 1860 Total Current assets $153,860 Fixed Assets Land 137320 Building 80400 Accumulated Depreciation-Building -15000 65400 Equipment 60000 Accumulated Depreciation -10000 50000 Total fixed assets 252720 Total assets $406,580 Liabilities Current Liabilities Salaries & Wages payable 900 Interest payble 600 Notes payable (in 6 months) 29400 Income Tax Payable 3000 Total current Liabilities 33900 Long term liability Bonds payable 78000 Stock holder equity Common Stock 70000 Retained earnings Net Income 224680 294680 Liabilities &Stock holder Equity 406580 Note Income Statement Service Revenue 341400 Utilities expenses 1320 Advertising expenses 1560 Salaries & Wages expenses 53040 Depreciation expense 8000 Interest expense 2400 Net Income 275080 Dividends 50400 Retained earnings 224680
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