PROBLEM VII. (11 points) Using the following information to prepare the classifi
ID: 2449805 • Letter: P
Question
PROBLEM VII. (11 points) Using the following information to prepare the classified balance sheet for Jameson Corp as of December 31, 2012.
Unearned Revenue
$15
Equipment
$90
Accumulated Depreciation
40
Revenue
100
Accounts Payable
7
Patents
10
Depreciation Expense
9
Allowance for Doubtful Accounts
15
Cash
5
Amortization Expense
1
Accounts Receivable
55
Notes Payable current
50
Retained Earnings, Dec. 31
13
Salaries Expense
2
Bad Debt Expense
42
Common Stock
20
Cost of Goods Sold
60
Utilities Expense
12
Unearned Revenue
$15
Equipment
$90
Accumulated Depreciation
40
Revenue
100
Accounts Payable
7
Patents
10
Depreciation Expense
9
Allowance for Doubtful Accounts
15
Cash
5
Amortization Expense
1
Accounts Receivable
55
Notes Payable current
50
Retained Earnings, Dec. 31
13
Salaries Expense
2
Bad Debt Expense
42
Common Stock
20
Cost of Goods Sold
60
Utilities Expense
12
Explanation / Answer
Asset current asset Cash 5 Accounts receivable 55 less:Allowance for doubtful account (15) 40 Total current asset (A) 45 Non current asset Patent 10 Equipment 90 less:Accumulated depreciation (40) 50 Total non current asset (B) 60 Total asset (A+B) 105 Liabilities and shareholders equity current liability Unearned revenue 15 Note payable -current 50 Accounts payable 7 Total Liabilities 72 shareholders equity common stock 20 Retained earnings 13 Total Liabilities and equity 105
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