Use the Adjusted Trial Balance numbers to complete the Balance Sheet. Total Curr
ID: 2432763 • Letter: U
Question
Use the Adjusted Trial Balance numbers to complete the Balance Sheet. Total Current Assets at 12/31/16 = $1,329,864.
ABC Corporation Adjusted Trial Balance December 31, 2016 Debit Insurance Expense Prepaid Insurance Depreciation Expense Accumulated Depreciation: Building Unearned Rent Revnue Rent Revenue Wages Expense Wages Payable Interest Expense Interest Accrued 27,000 27,000 1,115 1,115 4,500 4,500 4,000 4,000 300 300 66,000 Cost of Goods Sold 66,000 872,774 10,000 6,000 10,000 90,000 700,000 56,774 Stock Stock PIC in Excess of Par T Common Stock PIC in Excess of Par Common Stock Bonds Payable Premium on Bonds Payable Bad Debt Expense Allowance for Doubtful Accounts Income Tax Expense Income Tax Payable 75,000 75,000 99,000 99,000 1,149,689 1,149,689Explanation / Answer
ABC Corporation
Balance Sheet
For the year ended December 31, 2016
Retained earnings have been calculated as a balancing figure since sales revenue is missing in the trial balance
Assets Current assets: Cash 872,774 Accounts receivables, net of allowance for doubtful debts - 75,000 Inventory 66,000 Prepaid insurance 27,000 Total current assets 890,774 Non current assets Property, plant and equipment , net of depreciation - 1,115 Total non-current assets - 1,115 Total assets 889,659 Liabilities and stockholders equity Current liabilities: Unearned revenue 4,500 Wages payable 4,000 Interest accrued 300 Income tax payable 99,000 Total current liabilities 107,800 Non current liabilities Bonds payable 700,000 Interest on bonds payable 56,774 Total non current liabilities 756,774 Stockholders' equity Retained earnings - 90,915 Common stock 10,000 PIC in excess of par- common stock 90,000 Treasury stock 10,000 PIC in excess of par- Treasury stock 6,000 Total stockholders' equity 25,085 Total liabilities and stockholder's equity 889,659Related Questions
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