Below is the trial balance for evets which took place is 2014. Below is the bala
ID: 2445832 • Letter: B
Question
Below is the trial balance for evets which took place is 2014.
Below is the balance sheet for for Dec 31 2013. Which balances would you add to the above trial balance from the 2013 balance sheet.
CAPTAIN JET INC.
BALANCE SHEET
DECEMBER 31, 2013
Current Assets
Cash
41,200
Notes Receivable
16,000
Accounts Receivable
41,800
Less: Allowance for Doubtful Accounts
(3,000)
Inventories
40,000
Prepaid Insurance
540
Prepaid Rent
500
Total Current Assets
137,040
Non-Current Assets
Long-term Investments
Investments in held-for-maturity securities
51,000
Land held for future development
45,500
Property, Plant, and Equipment
Land
85,000
Buildings
675,000
Less: Accumulated Depreciation (187,500)
Intangible Assets
Capitalized Development Costs 8,000
Goodwill 76,000
Other Identifiable Intangible Assets 48,000
Total Non-Current Assets 801,000
Total Assets 938,040
Current Liabilities
Notes Payable 110,000
Accounts Payable 33,500
Unearned Revenues 12,000
Income Taxes Payable 8,440
Property Taxes Payable 6,600
Interest Payable 1,500
Total Current Liabilities 172,040
Non-Current Liabilities
Provisions Related to Pensions 84,000
Bonds Payable 300,000
Total Non-Current Liabilities 384,000
Total Liabilities 556,040
Stockholders' Equity
Common Stock 100,000
Preferred Stock 100,000
Paid-in-capital - Common Stock 27,500
Paid-in-capital - Preferred Stock 10,000
Retained Earnings 152,250
Accumulated Other Comprehensive Income 5,000
Less: Treasury Stock (12,750)
Total Stockholders' Equity 382,000
Total Liabilities and Stockholders' Equity 938,040
Current Assets
Cash
41,200
Notes Receivable
16,000
Accounts Receivable
41,800
Less: Allowance for Doubtful Accounts
(3,000)
Inventories
40,000
Prepaid Insurance
540
Prepaid Rent
500
Total Current Assets
137,040
Non-Current Assets
Long-term Investments
Investments in held-for-maturity securities
51,000
Land held for future development
45,500
Property, Plant, and Equipment
Land
85,000
Buildings
675,000
Explanation / Answer
Solution :
Trial Balance
Balance as at Dec 31, 2013
Current Year Change
Debit / (Credit)
debit
credit
debit
credit
accounts payable
- 33,500
65610
38400
-27210
accounts receivable
41800
100000
106100
-6100
Bad debts expense
1300
1300
Cash
41200
239500
243458
-3958
Dividend
800
800
Common Stock
- 100,000
10000
10000
Land
85000
15000
15000
gain on purchase o land
5000
5000
interest payable
-1500
1500
-1500
interest expense
4500
4500
Inventory
40000
38400
254
38146
notes payable
- 110,000
110000
120000
10000
office supplies
400
400
sales return & allowance
400
400
prepaid rent
500
6000
6000
sales discount
400
400
utilities exp
12152
12152
salaries & wages
45500
45500
salaries & wages payable
1500
1500
utilities payable
1250
1250
sales revenue
115500
115500
Notes Receivable
16000
Less: Allowance for Doubtful Accounts
-3000
Prepaid Insurance
540
Investments in held-for-maturity securities
51,000
Land held for future development
45,500
Buildings
675,000
Less: Accumulated Depreciation
- 187,500
Capitalized Development Costs
8,000
Goodwill
76,000
Other Identifiable Intangible Assets
48,000
Unearned Revenues
- 12,000
Income Taxes Payable
- 8,440
Property Taxes Payable
- 6,600
Provisions Related to Pensions
- 84,000
Bonds Payable
- 300,000
Preferred Stock
- 100,000
Paid-in-capital - Common Stock
- 27,500
Paid-in-capital - Preferred Stock
- 10,000
Retained Earnings
- 152,250
Accumulated Other Comprehensive Income
- 5,000
Treasury Stock
12,750
0
641462
641462
114540
114540
Trial Balance
Balance as at Dec 31, 2013
Current Year Change
Debit / (Credit)
debit
credit
debit
credit
accounts payable
- 33,500
65610
38400
-27210
accounts receivable
41800
100000
106100
-6100
Bad debts expense
1300
1300
Cash
41200
239500
243458
-3958
Dividend
800
800
Common Stock
- 100,000
10000
10000
Land
85000
15000
15000
gain on purchase o land
5000
5000
interest payable
-1500
1500
-1500
interest expense
4500
4500
Inventory
40000
38400
254
38146
notes payable
- 110,000
110000
120000
10000
office supplies
400
400
sales return & allowance
400
400
prepaid rent
500
6000
6000
sales discount
400
400
utilities exp
12152
12152
salaries & wages
45500
45500
salaries & wages payable
1500
1500
utilities payable
1250
1250
sales revenue
115500
115500
Notes Receivable
16000
Less: Allowance for Doubtful Accounts
-3000
Prepaid Insurance
540
Investments in held-for-maturity securities
51,000
Land held for future development
45,500
Buildings
675,000
Less: Accumulated Depreciation
- 187,500
Capitalized Development Costs
8,000
Goodwill
76,000
Other Identifiable Intangible Assets
48,000
Unearned Revenues
- 12,000
Income Taxes Payable
- 8,440
Property Taxes Payable
- 6,600
Provisions Related to Pensions
- 84,000
Bonds Payable
- 300,000
Preferred Stock
- 100,000
Paid-in-capital - Common Stock
- 27,500
Paid-in-capital - Preferred Stock
- 10,000
Retained Earnings
- 152,250
Accumulated Other Comprehensive Income
- 5,000
Treasury Stock
12,750
0
641462
641462
114540
114540
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