Homework SourseAn alphabetical list of the adjusted trial balance accounts
An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March 31, 2014, is shown below:
Prepare a classified balance sheet. Assume that $211,000 of the Long-Term Notes Payable will be paid during the year ended March 31, 2015. Also, $51,000 of the notes receivable will be collected by March 31, 2015. (Be sure to list the assets and liabilities in order of their liquidity.)
| An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March 31, 2014, is shown below: |
Solution
the capital balance as it would appear on the March 31, 2014, balance sheet. = 503595
| income statement | |||||||
| rent eanred | 390400 | ||||||
| expenses: | |||||||
| advertising exp | 15400 | ||||||
| depr buidling | 24200 | ||||||
| dep furntire | 2700 | ||||||
| interst expese | 10180 | ||||||
| janitorial expense | 40200 | ||||||
| salaries exense | 122625 | ||||||
| supplies expense | 5300 | ||||||
| utilites expense | 35920 | ||||||
| total expense | 256525 | ||||||
| net income | 133875 | ||||||
| CAPITAL account | |||||||
| wyetth north capital | 396920 | ||||||
| ADD: net income | 133875 | ||||||
| Less: wyett north withdrawls | 27200 | ||||||
| Wyett capital balance | 503595 | ||||||
| balane sheet | |||||||
| Assets | |||||||
| current assets: | |||||||
| cash | 16200 | ||||||
| supplies | 620 | ||||||
| prepaid advertising | 320 | ||||||
| rent receivable | 15200 | ||||||
| total current assets | 32340 | ||||||
| plant, property and equipment | |||||||
| building | 583000 | ||||||
| Less: accumul dep | -24200 | 558800 | |||||
| furniture | 41200 | ||||||
| Less: accumul dep | -2700 | 38500 | |||||
| land | 102000 | ||||||
| Patent | 2200 | ||||||
| suspense account | 8000 | ||||||
| total assets | 741840 | ||||||
| Liabilities and stockholders\' equity | |||||||
| current liabilities | |||||||
| accounts payable | 8300 | ||||||
| interest payable | 720 | ||||||
| notes payable | 84000 | ||||||
| salaries payable | 2225 | ||||||
| total current liabilities | 95245 | ||||||
| long term liabilities | |||||||
| long term notes payable | 143000 | ||||||
| Capital | 503595 | ||||||
| total liabilties and capital | 741840 |
