I'm hitting a brick wall on this question, I'd be really appreciative for some help. I feel like it's right in front of me. Formatting is the issue just the numbers at the moment.
Listed below are selected account balances. Prepare a classified balance sheet.
Cash 120,194
Accounts Payable 34,298
Rent Expense 34,000
Inventory 43,000
Cost of Goods Sold 209,000
Notes Payable (Due 2015) 16,000
Sales Revenue 427,000
Accounts Receivable 37,000
Bonds Payable 100,000
Contributed Capital 250,000
Wages Expense 48,000
Equipment 125,000
Interest Expense 2,000
Land 50,000
Advertising Expense 12,000
Retained Earnings ?
---
What I've gathered so far is this but it's clearly not adding up meaning I'm missing something and I don't know where to look.
Assets
Current Assets
Cash 120,194
Inventory 43,000
Accounts Receivable 37,000
Total Current Assets 200,194
Equipment 125,000
Land 50,000
Total Assets 375,194
Liabilities
Accounts Payable 34,298
Notes Payable (due June 2015) 16,000
Bonds Payable 100,000
Total Liabilities 150,298
Stockholders’ Equity
Contributed Capital 250,000
Retained Earnings 122,000
Total Stockholders' Equity 372000
Total Liabilities and Stockholders' Equity 522,298
Additional info: I gathered that revenues were 427,000 and expenses were 305,000. There was no mention of dividends so the retained earnings came out to 122,000.
That's all I've got. Thank you for any time and assistance you can offer!
Listed below are selected account balances. Prepare a classified balance sheet.
Cash 120,194
Accounts Payable 34,298
Rent Expense 34,000
Inventory 43,000
Cost of Goods Sold 209,000
Notes Payable (Due 2015) 16,000
Sales Revenue 427,000
Accounts Receivable 37,000
Bonds Payable 100,000
Contributed Capital 250,000
Wages Expense 48,000
Equipment 125,000
Interest Expense 2,000
Land 50,000
Advertising Expense 12,000
Retained Earnings ?
---
What I've gathered so far is this but it's clearly not adding up meaning I'm missing something and I don't know where to look.
Assets
Current Assets
Cash 120,194
Inventory 43,000
Accounts Receivable 37,000
Total Current Assets 200,194
Equipment 125,000
Land 50,000
Total Assets 375,194
Liabilities
Accounts Payable 34,298
Notes Payable (due June 2015) 16,000
Bonds Payable 100,000
Total Liabilities 150,298
Stockholders’ Equity
Contributed Capital 250,000
Retained Earnings 122,000
Total Stockholders' Equity 372000
Total Liabilities and Stockholders' Equity 522,298
Additional info: I gathered that revenues were 427,000 and expenses were 305,000. There was no mention of dividends so the retained earnings came out to 122,000.
That's all I've got. Thank you for any time and assistance you can offer!
Last edited: