ACT3391FALL2010TraditionalHomework12solution

ACT3391FALL2010TraditionalHomework12solution - 425,000...

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HOMEWORK FALL 2010 ACT3391 12. (3 points) The adjusted trial balance of RAT Financial Consultants follows. Using the information from the adjusted trial balance, prepare a balance sheet as of December 31, 2010. RAT FINANCIAL CONSULTANTS Adjusted Trial Balance December 31, 2010 Debit Credit Cash . ....................................................................................................................... $170,000 Accounts Receivable .............................. 500,000 Allowance for Doubtful Accounts ........................................... $ 15,000 Inventory ................................ 90,000 Fixed Assets .............................. 970,000 Accumulated Depreciation—Fixed Assets ........................................... 200,000 Other long-term assets .............................. 180,000 Accounts Payable ........................................... 175,000 Unearned Revenue ........................................... 80,000 Long-term Debt ........................................... 500,000 Common Stock ...........................................
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Unformatted text preview: 425,000 Retained Earnings ........................................... 300,000 Revenues ........................................... 1,005,000 Cost of Goods Sold .............................. 500,000 Selling, General, and Administrative Expenses .............................. 200,000 Income Tax Expense ................................ 75,000 Interest Expense ............................. 15,000 ______ $2,700,000 $2,700,000 RAT FINANCIAL CONSULTANTS Balance Sheet December 31, 2010 Cash $ 170,000 Accounts receivable, net 485,000 Inventory 90,000 Total current assets 745,000 Fixed assets, net 770,000 Other long-term assets 180,000 Total assets $1,695,000 Accounts payable $ 175,000 Unearned revenue 80,000 Total current liabilities 255,000 1 Long-term debt 500,000 Total liabilities 755,000 Common stock 425,000 Retained earnings 515,000 Total shareholders equity 940,000 Total liabilities and shareholders equity $1,695,000 2...
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This note was uploaded on 01/14/2011 for the course ACCT 3391 taught by Professor Turpin during the Spring '10 term at Troy.

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ACT3391FALL2010TraditionalHomework12solution - 425,000...

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