S demo - Bad Debt Expense13,365.48 Common stock540,000.00...

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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 Expense13,365.48 Common stock540,000.00 Cash355,990.16 Cost of Goods sold1,008,362.66 Depreciation2,350 Dividends Payable4,500 Dividends Receivable8,600.00 Equipment523,500.00 Income Tax Payable37,404.22 Interest Expense3,333.33 Interest Payable3,333.33 Inventory168,000.00 Land10,400.00 Long term advances from customers.8,600.00 Notes Payable (15% rate)400,000.00 Office Supplies Expense7,160.00 Operating Expense7,160.00 Payroll Tax Expense31,364.00 Payroll Withholding and Taxes Payable2,387.57 Preferred Stock10,400.00 Prepaid Insurance4,500.00 Provision for Income Tax37,404.22 Rent Expense24,530.00 Retained Earnings (1/1)63,490.70 Sales1,410,504.00 Sales Discounts11,900.00 Sales Returns62,056.00 Wage and Salary Expense53,495.68...
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