My question is how to complete the Balance sheet. I have put some information on
ID: 2459322 • Letter: M
Question
My question is how to complete the Balance sheet. I have put some information onto the Balance sheet already and it is showing incorrect.
Cash Accounts Receivable Allowance for Unc. Accounts Supplies Inventory Building Accumulated Depreciation- Building Furnishing Accumulated Depreciation- Furnishings Office Equipment Accumulated Depreciation- Off. Equip. Accounts Payable Unearned Service Revenue Salary Payable Dividends Payable Stock, Common Additonal Paid in Capital Retained Earnings Service Revenue Sales Revenue Advertising Expense Depreciation Expense Repairs & Maintenance Expense Supplies Expense Uncollectible Accounts Expense Utilities Expense Cost of Goods Sold Salary Expense Total Debit Credit $ 220,380.00 $ 20,666.00 $ 1,743.00 $ 1,625.00 $ - $ 4,460.00 $ 140,000.00 $ 6,500.00 $ 30,000.00 $ 12,000.00 $ 4,800.00 $ 200.00 $ 5,466.00 $ - $ 1,500.00 $ 2,500.00 $ 31,500.00 $ 21,000.00 $ - $ 303,046.00 $ 8,500.00 $ 125,200.00 $ 24,000.00 $ 7,839.00 $ 18,700.00 $ 10,567.00 $ 4,735.00 $ 1,743.00 $ 6,478.00 $ 11,140.00 $ 60,022.00 $ 543,155.00 $ 543,155.00My question is how to complete the Balance sheet. I have put some information onto the Balance sheet already and it is showing incorrect.
Assets Current: Cash $ 220,380.00 Accounts Receivable $ 20,666.00 Less: Allowance for Unc. Accounts $ 1,743.00 $ 18,923.00 Supplies $ 4,735.00 Inventory $ 4,460.00 Total Current Assets $ 248,498.00 Long- Term: Building $ 140,000.00 Less: Accumulated Depreciation- Building $ 6,500.00 $ 133,500.00 Furnishings $ 30,000.00 Less: Accumulated Depreciation- Furnishings $ 12,000.00 $ 18,000.00 Office Equipment $ 4,800.00 Less: Accumulated Depreciation- Off. Equip. $ 200.00 $ 4,600.00 Total Long- term Assets $ 156,100.00 Total Assets $ 404,598.00 Incorrect amount Liabilities Current: Accounts Payable $ 5,466.00 Salary Payable $ 2,500.00 [enter here] Dividends Payable $ 31,500.00 Total Current Liabilities $ 39,466.00 Stockholders Equity Common Stock, $1 par value Additional Paid in Capital Retained Earnings $ 40,000.00 Total Liabilities & Stockholders Equity $ 79,466.00 Incorrect amount Total Assets should equal Total Liabilities + Stockholders EquityExplanation / Answer
ASSETS: Current: cash 220380 accounts receivable 20666 less: allowance 1743 18923 supplies 1625 inventory 4460 total current assets 245388 Non- Current building 140000 less: accu depn 6500 133500 furnishings 30000 less: accu depn 12000 18000 office equipment 4800 less: accu depn 200 4600 total long term assets 156100 401488 LIABILITIES: Current accounts payable 5466 unearned service revenue 1500 salary payable 2500 dividends payable 31500 total current liabilities 40966 Equity common stock 21000 additional paid in capital 303046 retained earnings 36476 total equity 360522 401488
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