s://edugen.wileyplus.com/edugen/lti/main.uni Kimmel, Accounting, 6e Help I Syste
ID: 2606098 • Letter: S
Question
s://edugen.wileyplus.com/edugen/lti/main.uni Kimmel, Accounting, 6e Help I System Announcements Exercise 2-5 These items are taken from the financial statements of Waterway Industries Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense $120,612 14,364 3,648 13,498 93,936 69,768 889 6,042 2,964 68,400 45,600 51,984 10,830 106,704 21,341 4,104 Common stock Retained earnings (January 1, 2017) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation-equipment Interest payable Service revenueExplanation / Answer
Balance sheet
Assets
current assets
income statement
accounts receivables
14364
service revenue
16758
prepaid insurance
3648
less expenses
cash
13498
insurance expense
889
total current assets
31510
depreciation expense
6042
long term investment
interest expense
2964
building net of accumulated depreciation
68628
total of expenses
9895
equipment net of accumulated depreciation
72595
net income
6863
land
69768
total of assets
242501
Liabilities and shareholders equity
current liabilities
account payable
10830
notes payable
15504
interest payable
4104
total of current liabilities
30438
notes payable
91200
total of liabilities
121638
shareholders equity
common stock
68400
retained earnings
52463
total of shareholders equity
120863
total of liabilities and shareholders equity
242501
Balance sheet
Assets
current assets
income statement
accounts receivables
14364
service revenue
16758
prepaid insurance
3648
less expenses
cash
13498
insurance expense
889
total current assets
31510
depreciation expense
6042
long term investment
interest expense
2964
building net of accumulated depreciation
68628
total of expenses
9895
equipment net of accumulated depreciation
72595
net income
6863
land
69768
total of assets
242501
Liabilities and shareholders equity
current liabilities
account payable
10830
notes payable
15504
interest payable
4104
total of current liabilities
30438
notes payable
91200
total of liabilities
121638
shareholders equity
common stock
68400
retained earnings
52463
total of shareholders equity
120863
total of liabilities and shareholders equity
242501
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