Shown below in random order is a list of balance sheet items for RedRiver Farms at September 30,2001.Land$550,000Fences and Gates (Assets)$33,570Irrigation System (Assets)Building$20,125$78,300Notes payable$16,710$530,000CashAccounts Receivable 22,365Livestock (Asset)$120,780Tractor (Asset)76,650Farm Machinery$42,970Accounts Payable $77,095Hollis Roberts CapitalProperty Taxes Payable $9,135$1,820Wages PayableInstructions: Prepare a balance sheet by using these itemsand computing the amount for Hollis Roberts Capital.

As per the double entry system of accounting, every transaction must have effect on atleast two…

Answered: Instructions: Prepare a balance sheet…

Business

Accounting

Instructions: Prepare a balance sheet by using these items and computing the amount for Hollis Roberts Capital.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Shown below in random order is a list of balance sheet items for Red
River Farms at September 30,2001.
Land
$550,000
Fences and Gates (Assets)
$33,570
Irrigation System (Assets)
Building
$20,125
$78,300
Notes payable
$16,710
$530,000
Cash
Accounts Receivable 22,365
Livestock (Asset)
$120,780
Tractor (Asset)
76,650
Farm Machinery
$42,970
Accounts Payable $77,095
Hollis Roberts Capital
Property Taxes Payable $9,135
$1,820
Wages Payable
Instructions: Prepare a balance sheet by using these items
and computing the amount for Hollis Roberts Capital.

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Noor started her business on June 1, 2020. Noor Trial Balance August 31, 2020 SL Particulars Debit Credit 1 Cash 55,600 2 Supplies 16,300 3 Prepaid Insurance 16,000 4 Land 22,000 5 Cottages 5,000 Furniture 26,000 7 Account Payable 16,500 8 Unearned Rent 10,400 Mortgage Payable 10,000 10 Сapital 70,000 11 Drawing 5,000 12 Rent Revenue 57,000 13 Repair Expense 3,600 14 Salaries Expense 5,000 15 Utility Expense 9,400 ТОTAL 163,900 163,900 Other information: (1) End of August 31 the balance of prepaid insurance is Tk. 1600 (2) Supplies used during the period Tk. 800 (3) Furniture has 6 years life with no salvage value and cost is Tk 26000 [formula: Depreciation = (cost - salvage value) / lifetime] (4) Balance of unearned revenue is 700 at the end of August 31.