List of Accounts: Accounts Payable Accounts Receivable Accrued Liabilities Accum

Question

List of Accounts:

Accounts Payable
Accounts Receivable
Accrued Liabilities
Accumulated Depreciation-Building
Accumulated Depreciation-Equipment
Advances to Employees
Allowance for Doubtful Accounts
Bonds Payable
Bond Sinking Fund
Buildings
Cash
Cash Surrender Value of Life Insurance
Common Stock
Construction in Process
Copyrights
Debt Investments
Dividends Payable
Discount on Bonds Payable
Equipment
Equity Investments
Finished Goods Inventory
Franchises
Goodwill
Income Tax Payable
Income Tax Receivable
Interest Payable
Interest Receivable
Inventory
Investments in Common Stock
Investments in Stocks and Bonds
Land
Notes Payable
Notes Receivable
Noncontrolling Interest
Paid-in Capital in Excess of Par - Common Stock
Paid-in Capital in Excess of Par - Preferred Stock
Patents
Payroll Tax Expense
Payroll Taxes Payable
Pension Asset/Liability
Pension Obligation
Plant Assets
Premium on Bonds Payable
Preferred Stock
Prepaid Advertising
Prepaid Insurance
Prepaid Expenses
Prepaid Rent
Raw Materials
Rent Payable
Restricted Cash
Retained Earnings
Salaries and Wages Payable
Supplies
Timberland
Treasury Stock
Trademarks
Unearned Service Revenue
Unearned Rent Revenue
Unearned Subscriptions Revenue
Work-in-Process

Problem 119 Given the following account information for Leong Corporation. Equipment 58,200 Interest Expense 2,680 Interest Payable 550 Retained Earnings 41,580 Dividends 137,320 Land Accounts Receivable 104,170 Bonds Payable 76,450 Notes Payable (due in 6 months 28,830 Common Stock 66,260 Accumulated Depreciation Equip 11,830 Prepaid Advertising 5,020 Service Revenue 337,500 79,760 Buildings Supplies 1,710 2,910 Income Taxes Payable Utilities Expense 1,400 Advertising Expense 1,530 Salaries and Wages Expense 53,220 Salaries and Wages Payable 940 Accumulated Depr Bld. 15,390 Cash 45,600 Depreciation Expense 8,470

Explanation / Answer

Assets cash 45,600 Account receivable 104,170 prepaid advertising 5,020 supplies 1,710 total current assets 156,500 land 137,320 equipment 58,200 accumulated depr -11,830 46,370 buildings 79,760 accumulated depr -15,390 64,370 248,060 total assets 404,560 liabilities and stockholder's equity interest payable 550 notes payable 28,830 income tax payable 2,910 Salary and wages payable 940 total current liabilties 33,230 long term liabilities Bonds payable 76,450 Stockholders equity Common stock 66,260 Retained earnings 228,620 total stockholder's equity 294,880 total liabilties and stockholder's equity 404,560 Service revenue 337,500 interest expense 2,680 Utilities expense 1,400 Advertising expense 1,530 Salaries and wages expense 53,220 depreciation exepsne 8,470 67,300 -67,300 Net income 270,200 Retained earnings opening balance 0 Add: net income 270,200 less:dividends -41,580 Closing balance 228,620

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