27 Balance sheet presentation Given the following account in

27. Balance sheet presentation. Given the following account information for Acme Corporation, prepare a balance sheet in report form for the company as of December 31,2017. All accounts have normal balances. Equipment 60,000 Interest Expense Interest Payable Retained Earnings Dividend:s Land Accounts Receivable Bonds Payable Notes Payable (due in 6 months) Common Stock Accumulated Depreciation - Equip. Prepaid Advertising Service Revenue Buildings Supplies Income Taxes Payable Utilities Expense Advertising Expense Salaries and Wages Expense 2,400 600 50,400 137,320 102,000 78,000 29,400 70,000 10,000 5,000 341,400 80,400 1,860 3,000 1,320 1,560 53,040 900 Salaries and Wages Payable Accumulated Depr. - Bld. Cash Depreciation Expense 15,000 45,000 8,000

Solution

ACME CORPORATION Income Statement For the Year Ended December 31st,2017 Service Revenue $    3,41,400.00 Salaries & Wages $       53,040.00 Advertising Expenses $         1,560.00 Utitlites Expenses $         1,320.00 Depreciation Expense $         8,000.00 Interest Expense $         2,400.00 Total Expenses $        66,320.00 Net Income $    2,75,080.00 Dividend $        50,400.00 Retained Earnings $    2,24,680.00 ACME CORPORATION Balance Sheet AS AT December 31st,2017 Current Assets Cash $       45,000.00 Accounts Receivable $   1,02,000.00 Supplies $         1,860.00 Prepaid Adertising $         5,000.00 Total Current Assets $    1,53,860.00 Land $    1,37,320.00 Building $       80,400.00 Accumulaed Depreciation -Building $     -15,000.00 $        65,400.00 Property,Plant and Equipment Equipment $       60,000.00 Accumulated Depreciation $     -10,000.00 Total Property,Plant and Equipment $        50,000.00 Total Assets $    4,06,580.00 Liabiltites Current Liabilities Salaries & Wages Payable $             900.00 Interest Payable $             600.00 Income Tax Payable $         3,000.00 Total Current Liabilities $          4,500.00 Bonds Payable $        78,000.00 Notes Payable $        29,400.00 Shareholder\'s Equity Common Stock $       70,000.00 Retained Earnings $   2,24,680.00 Total Stock holder\'s Equity $    2,94,680.00 Total Liabilities and Stockholder\'s equity $    4,06,580.00