Speech Descriptions an LUS Mailtbabn8isuedu WileyPLUS Multip

Speech Descriptions an LUS Mail-tbabn8@isuedu WileyPLUS Multiple-step Stateme , × |https:// edugenileyplus LUS Kimmel, Accounting, 6e y &Practice; Gradebook ORION Downloadable eTextbook ment ry again. These items are taken from the financial statements of Nash\'s Trading Post, LLC at December 31, 2017 $84,640 10,080 Accounts receivable Prepaid insurance 9,472 65,920 48,960 Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2017) 4,240 2,080 48,000 Accounts payable Notes payable Accumulated depreciation-equipment Interest payable Service revenue 36,480 7,600 74,880 14,976 2,880 11,760 Prepare a classified balance sheet. Assume thet $10,880 of the note payable will be paid in 2018. (List current assets in order of li order of Jand, buildings and equipment.) here to search

Solution

Balance Sheet Assets Current Assets Cash 9472 Accounts Receivable 10080 Prepaid Insurance 2560 Total current assets 22112 Land 48960 Buildings 84640 Accumulated depreciation - Buildings 36480 48160 Equipment 65920 Accumulated depreciation - Equipment 14976 50944 Total Assets 170176 Liabilities and stockholders\' equity Accounts payable 7600 Interest payable 2880 Current protion of notes payable 10880 Total current liabilities 21360 Notes payable 64000 Total liabilities 85360 Stockholders\' equity Common Stock 48000 Retained Earnings ** 36816 Total stockholders\' equity 84816 Total liabilities and stockholders\' equity 170176 Income Statement Service Revenue 11760 Expenses: insurance expense 624 Depreciation expense 4240 Interest expense 2080 Total Expenses 6944 Net income * 4816 Statement of retained earnings Balance as at January 1, 2017 32000 Net income for the year   * 4816 Balance As at December 31, 2017 ** 36816