S demo - Bad Debt Expense…13,365.48 Common...

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Balance Sheet Demonstration Problem: PLEASE NOTE: IF YOU TRIED TO PREPARE A BALANCE SHEET OR IN ANYWAY CHECK WHETHER THE ACCOUNTING EQUATION BALANCED, YOU FOUND THAT IT DID NOT. SO, TO CORRECT THAT, PLEASE ADD THE FOLLOWING ACCOUNT TO THE LIST… ACCRUED PENSION COST…1594.18. THE ANSWERS BELOW REFLECT ADDING THIS ACCOUNT TO THE LIST. Given the accounts and balances below (each is a normal balance), determine the following: A. Current Assets – 756,672.68 B. Investments - 0 C. Property Plant and Equipment – 526,060 D. Intangible Assets - 0 E. Other Assets - 0 F. Current Liabilities -110,625.12 G. Long Term Liabilities – 401594.18 H. Other Liabilities – 8,600 I. Stockholders’ Equity – Contributed Capital – 550,400 J. Stockholders’ Equity – Retained Earnings -11,513.33 Accounts Payable…$63,000.00 Accounts Receivable…233,753.00 Accumulated Depreciation…7,840.00 Allowance for Bad Debt…14,170.48
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Unformatted text preview: Bad Debt Expense…13,365.48 Common stock…540,000.00 Cash…355,990.16 Cost of Goods sold…1,008,362.66 Depreciation…2,350 Dividends Payable…4,500 Dividends Receivable…8,600.00 Equipment…523,500.00 Income Tax Payable…37,404.22 Interest Expense…3,333.33 Interest Payable…3,333.33 Inventory…168,000.00 Land…10,400.00 Long term advances from customers….8,600.00 Notes Payable (15% rate)…400,000.00 Office Supplies Expense…7,160.00 Operating Expense…7,160.00 Payroll Tax Expense…31,364.00 Payroll Withholding and Taxes Payable…2,387.57 Preferred Stock…10,400.00 Prepaid Insurance…4,500.00 Provision for Income Tax…37,404.22 Rent Expense…24,530.00 Retained Earnings (1/1)…63,490.70 Sales…1,410,504.00 Sales Discounts…11,900.00 Sales Returns…62,056.00 Wage and Salary Expense…53,495.68...
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