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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text: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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- Identify the financial statement on which each of the following accounts would appear: the income statement, the retained earnings statement, or the balance sheet: a. Insurance Expense b. accounts receivable c. office supplies d. sales revenue e. common stock f. notes payablearrow_forwardThe traditional way of preparing a balance sheet is to list all assets in the order of their: A) Market value B) Risk C) Liquidity D) Costarrow_forwardA financial statement that reveals the change in capital. The ending fi gure for capital is thenplaced on the balance sheet is called:arrow_forward
- The following lettered items represent a classification scheme for a balance sheet, and the numbered items represent data found on balance sheets. In the blank next to each account, write the letter indicating to which category it belongs. А. Current assets В. Investments C. Property, plant, and equipment D. Intangible assets Е. Current liabilities F. Long-term liabilities G. Stockholders' equity Н. Not on the balance sheetarrow_forwardIndicate the financial statement on which each of the following items appears. income statement,statement of owner’s equity, and balance sheet. Accounts Receivablearrow_forward
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