Accounting-Google Dri x Excel Project 2-Google x . CengageBrain-My Hom x y i: Ce
ID: 2499320 • Letter: A
Question
Accounting-Google Dri x Excel Project 2-Google x . CengageBrain-My Hom x y i: CengageNowy2 l Online x Is There Anyway I Can C × C Dv2.cengagenow.com ilm/takeAssignment takeAssignmentMaindo?invoker-assignments&takeAssignmentSessionLocator-assignment-take; Excel Project Il Comprehensive Problem 3 1. CompPr.03-01 Instructions C Chart of Accounts Labels and Amount Descriptions Journal Instructions 5. Based on the following information and the post-closing trial balance that follows, prepare a balance sheet in report form at December 31, 2016. Be sure to complete the heading of the balance sheet. Enter assets in the order in which they appear in the post-closing trial balance. Refer to information given in the problem and the Labels and Amount Descriptions list for exact wording of text entries. There is no need to include "(current portion)" or a due date with any account titles. The word "Less" and colons will appear automatically. Enter all amounts as positive numbers e The merchandise inventory is stated at cost by the LIFO method. The product warranty payable is a current liability Vacation pay payable Current liability: $7,140 Long-term liability: 3,360 e The unfunded pension liability is a long-term liability Notes payable Current liability: $70,000 Long-term liability: 630,000 Check My Work 6 more Check My Work uses remaining Progress: 1/1 items 1 7:57 NERFLIExplanation / Answer
ASSETS
Current Asset
Notes receivable 100,000
Merchandise inventory 320,000
Interest receivable 1,875
Prepaid insurance 45,640
Office supplies 13,400
Store equipment 112,000
Less: Accumulated Depreciation 5,000
Net 107,000
Cash and cash equivalents
petty cash 4,500
cash 243,960
Accounts receivable 470,000
Less:Allowance for doubtful accounts 16,000
Net 454,000
Total current asset 1,290,375
Property,Plant and equipment
Land 654,925
Buildings 900,000
Less: Accumulated Depreciation 36,000
Net 864,000
Total 1,518,925
Intangible Assets
Patents 42,000
Mineral rights 546,000
Less:Accumulated Depletion 30,000
Net 516,000
Total 558,000
TOTAL ASSETS 3,367,300
LIABILITIES AND STOCKHOLDERS EQUITY
CURRENT LIABILITIES
Accrued Taxes
Social security tax payable 25,470
Medicare tax payable 4,710
Employees Federal IT payable 40,000
State unemployment tax payable 270
Federal unemployment tax payable 40
Total 70,490
Salaries payable 157,000
Accounts payable 131,600
Interest payable 28,000
Product warranty payable 76,000
Vacation pay payable 7,140
Notes payable 70,000
TOTAL CURRENT LIABILITY 540,230
LONG TERM LIABILITY
Unfunded pension liability 50,700
Vacation pay payable 3,360
Notes payable 630,000
TOTAL LONG TERM LIABILITY 684,060
STOCKHOLDERS EQUITY
J Kornett Capital 2,345,010
Total Stockholders Equity 2,345,010
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY 3,569,300
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.