I need a help from an expert in this> live saver rate for the right answer. here

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I need a help from an expert in this> live saver rate for the right answer.


here was the beginning balancr sheet for 7/ 1/10 :

*Assests:
5,055 cash
10,000 account recivable
(200) allowance
1,905 inventory
200 prepaid insurance.
400 supplies
18,000 truck
(1000) accumulated depreciation.

* liabilites:
6,350 accounts payable
16,000 notes payable
320 interst payable

* contributed capital:
6,000 common stock

*retained earnings:
5,690 retained earnings .


then these transactions was made:::




1. July 1, collected 9,900 of accounts recivable from june sales.
2. July1, borrowed 11,620 at an annual interest rate of 6% by signing a 12 month installment note.
3. July 1, paid off the 16,000 , 6% 4 month note principal and interest.
4. July 6, paid 6,350 of its accounts payable from June purchases.
5. July 6, purchased FOB shipping point 1,100 caps @ 6.20 each plus $ 165 shipping, all on account.
6. July 12, wrote off a $ 100 account receivable because a cutomer went bankrupt and is unable to pay for the sale made to him in June.
7. July 31, During , Tim's Tams sold 1,200 baseball caps @ $10 each on account. Tim's uses a FIFO system. begining inventory consists of 300 caps at 6.35 each.
8. July 31, made the first monthly payment of $1,000 on the $ 11,620, 6% installment note in #2 above. ( round to the nearst dollar).
9. Jule 31, adjusted for insurance used during the month , recall that on May1, Tim's paid $ 600 for three months of insurance coverage.
10. July 31, counted the office supplies and found that $ 100 of supplies have not been used.
11. July 31, recorded one month's stright -line depreciation on the $ 18,000 truck that has a 6 years useful life and no salvage value.
12. July 31, recorded the adjusting entry for uncollectible accounts. $ 500 of accounts recivable is estimated to be uncollectible....

so what is Tim's tams balance sheet for july 31, 2010?

Explanation / Answer

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Working Notes :

Tim Tam's Balance Sheet as on July 31,2010 Assets Cash 2,905.00 Accounts Receivable 12,000.00 Less : Allowance for Uncollectible Amount (300.00) Inventory 1,270.00 Prepaid Insurance (600 - 200 *3) 0.00 Supplies(400-100) 300.00 Truck 18,000.00 Less: Accumulated Depreciation (1,250.00) Total Assets 32,925.00 Liabilities Accounts Payable 6,985.00 Notes Payable 10,620.00 Interest payable 58.00 Common Stock 6,000.00 Retained Earnings (Opening Balance - 5690 Add: Net Income for the year-3572 9,262.00 Total Liabilities 32,925.00

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