Assignment 5 Solution

Assignment 5 Solution - Problem 3-44 34432. A work sheet is...

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Problem 3-44 3–44 32 . A work sheet is not required, but it facilitates the preparation of a corrected balance sheet. Appalachian Freight Company Work Sheet for Corrected Balance Sheet December 31, 2002 2005 Corrected Balance Sheet Corrections Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash. ..................................... 45,050 ......... ......... ......... 45,050 ............................................... Accounts Receivable. .......... 112,500 ......... ......... ......... 112,500 ............................................... Inventory ies .......................... 204,000 ......... ......... (b) 45,000 159,000 ............................................... Prepaid Insurance. ............... 8,800 ......... ......... ......... 8,800 ............................................... Property, Plant, and Equipment. ................. 376,800 ......... (c) 180,000 (c) 85,000 471,800 ............................................ Miscellaneous Liabilities. .... ......... 3,600 (d) 3,600 ......... ......... ............................................... Loan Payable. ....................... ......... 76,200 ......... ......... ......... .................................... 76,200 Accounts Payable. ............... ......... 75,250 ......... (b) 16,250 ......... .................................... 91,500 Capital Stock. ....................... ......... 134,000 (h) 134,000 ......... ......... ............................................... Paid-In Capital. ..................... ......... 458,100 (i) 458,100 ......... ......... ............................................... 747,150 747,150 Retained Earnings. .............. ......... ......... (a) 4,800 (i) 308,500 ......... ............................................... ......... ......... (b) 61,250 ......... ......... 179,650 ......... ......... (f) 18,250 ......... ......... ......... ......... ......... (g) 44,550 ......... ......... ......... Allowance for Bad Debts Doubtful Accounts ............................... ......... ......... ......... (a) 4,800 ......... ...................................... 4,800 Accumulated Depreciation— Buildings and Equipment ......... ......... (c) 85,000 (c) 180,000 ......... ................................. 95,000 Salaries Payable. .................. ......... ......... ......... (d) 9,500 ......... ...................................... 9,500 Advances to Officers. .......... ......... ......... (d) 5,900 ......... 5,900 ............................................... }
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Deferred Income Tax Liability ......... ......... ......... (g) 44,550 ......... .................................... 44,550 Taxes Payable. .................. ......... ......... ......... (f) 18,250 ......... ................................. 18,250
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Assignment 5 Solution - Problem 3-44 34432. A work sheet is...

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