FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Compute the following:

A. Current Asset

B. Non current asset

C. Total asset

D. Current liabilities

E. Non current liabilities

F. Total liabilities

G. Equity

H. Net income

I. Total liabilities and equity

J. Prepare a Statement of Financial Position

 

3:28 .l ? 22 88 PT 1_-699545684 COMPREHENSIVE PROBLEM 1: Below is the Trial Balance of Crash Landing on YouCompany as of and for the year ending December 31, 2020. Account Debit Credit Cash on hand 120,586 Cash in bank 560,125 Trade receivables 400,125 Allowance for bad debts 60,128 Advances to suppliers 125,677 Interest receivable 1,248 Prepaid supplies 4,450 Receivable from insurance 70,990 Merchandise inventory - January 1, 2016 255,544 Prepaid interest: 987 Prepaid insurance 6,680 Land 780,125 Land improvements 5,040 Accumulated depreciation - Land improvements 2,050 Building 480,650 Accumulated depreciation - Building 100,788 Building improvements 65,234 Accumulated depreciation - Building improvements 5,019 Furniture and equipment 88,190 Accumulated depreciation - Furniture 10,160 Machinery and equipment 110,897 Accumulated depreciation - Machinery and equipment 45,678 Trade payables 198,700 Advances from officers and employees 5,076 Utilities payable 6,807 ...
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Transcribed Image Text:3:28 .l ? 22 88 PT 1_-699545684 COMPREHENSIVE PROBLEM 1: Below is the Trial Balance of Crash Landing on YouCompany as of and for the year ending December 31, 2020. Account Debit Credit Cash on hand 120,586 Cash in bank 560,125 Trade receivables 400,125 Allowance for bad debts 60,128 Advances to suppliers 125,677 Interest receivable 1,248 Prepaid supplies 4,450 Receivable from insurance 70,990 Merchandise inventory - January 1, 2016 255,544 Prepaid interest: 987 Prepaid insurance 6,680 Land 780,125 Land improvements 5,040 Accumulated depreciation - Land improvements 2,050 Building 480,650 Accumulated depreciation - Building 100,788 Building improvements 65,234 Accumulated depreciation - Building improvements 5,019 Furniture and equipment 88,190 Accumulated depreciation - Furniture 10,160 Machinery and equipment 110,897 Accumulated depreciation - Machinery and equipment 45,678 Trade payables 198,700 Advances from officers and employees 5,076 Utilities payable 6,807 ...
3:28 ..l @ O 22 Salaries payable 10,150 Unearned rent 5,600 Notes payable - short-term portion 250,000 Notes payable - long-term portion 180,000 Loans payable - short-term portion 130,000 Loans payable - long-term portion 450,000 Crash, capital 482,145 Crash, drawing 250,000 Sales 2,490,000 Sales discount 10,250 Sales return 1,577 Rent income 10,000 Interest income 1,500 Purchases 510,000 Purchases discount 88,000 Purchase return 7,650 Freight in 56,875 Freight out 6,780 Salaries expense 434,588 Utilities expense 10,770 Advertising expense 5,680 Rent expense 60,000 Bad debts 1,654 Depreciation – building 45,670 Depreciation - land improvements 6,557 Depreciation - building improvements 5,078 Depreciation - furniture 6,087 Depreciation - machinery and equipment 10,157 Supplies expense 10,124 Insurance expense 18,000 Interest expense 12,000 Miscellaneous expense 1,056 Merchandise inventory - December 31, 2016 301,256 Income and expense summary 301,256 2 of 3
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Transcribed Image Text:3:28 ..l @ O 22 Salaries payable 10,150 Unearned rent 5,600 Notes payable - short-term portion 250,000 Notes payable - long-term portion 180,000 Loans payable - short-term portion 130,000 Loans payable - long-term portion 450,000 Crash, capital 482,145 Crash, drawing 250,000 Sales 2,490,000 Sales discount 10,250 Sales return 1,577 Rent income 10,000 Interest income 1,500 Purchases 510,000 Purchases discount 88,000 Purchase return 7,650 Freight in 56,875 Freight out 6,780 Salaries expense 434,588 Utilities expense 10,770 Advertising expense 5,680 Rent expense 60,000 Bad debts 1,654 Depreciation – building 45,670 Depreciation - land improvements 6,557 Depreciation - building improvements 5,078 Depreciation - furniture 6,087 Depreciation - machinery and equipment 10,157 Supplies expense 10,124 Insurance expense 18,000 Interest expense 12,000 Miscellaneous expense 1,056 Merchandise inventory - December 31, 2016 301,256 Income and expense summary 301,256 2 of 3
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