Kenseth Corporation’s unadjusted trial balance at December 1, 2014, is presented
ID: 2489530 • Letter: K
Question
Kenseth Corporation’s unadjusted trial balance at December 1, 2014, is presented below.
Debit
Credit
The following transactions occurred during December.
Adjustment data:
Prepare a December 31, 2014, balance sheet. (List current assets in order of iquidity. List property, plant and equipment in order of land, buildings and equipment.)
Debit
Credit
Cash $26,890 Accounts Receivable 35,290 Notes Receivable 8,400 Interest Receivable –0– Inventory 36,210 Prepaid Insurance 3,810 Land 20,200 Buildings 162,000 Equipment 61,000 Patent 10,530 Allowance for Doubtful Accounts $440 Accumulated Depreciation—Buildings 54,000 Accumulated Depreciation—Equipment 24,400 Accounts Payable 28,400 Salaries and Wages Payable –0– Notes Payable (due April 30, 2015) 12,400 Interest Payable –0– Notes Payable (due in 2020) 35,730 Common Stock 59,500 Retained Earnings 56,570 Dividends 14,800 Sales Revenue 917,700 Interest Revenue –0– Gain on Disposal of Plant Assets –0– Bad Debt Expense –0– Cost of Goods Sold 639,600 Depreciation Expense –0– Insurance Expense –0– Interest Expense –0– Other Operating Expenses 61,310 Amortization Expense –0– Salaries and Wages Expense 109,100 Total $1,189,140 $1,189,140Explanation / Answer
Balancesheet Cash $176,110 Accounts Receivable 35,290 doubtful debt -440 34,850 Notes Receivable 8,400 Inventory 32,920 Prepaid Insurance 3,810 Total CA $256,090 Long term assets Buildings 162,000 Accumulated Depreciation—Buildings -54,000 108,000 Equipment 73,400 Accumulated Depreciation—Equipment -24,400 49,000 Patent 10,530 total asset $266,620 CL Accounts Payable 28,400 Salaries and Wages Payable 2060 Notes Payable (due April 30, 2015) 12,400 Interest Payable total CL 42,860 Owners Equity Common Stock 59,500 Retained Earnings 164,260 total 266,620
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.