Using the following (scrambled) accounts, please help me prepare a balance sheet for ABC, a retail company, for the year ending December 31, 2014. Assume that these are the only Balance Sheet Accounts. Thank you! EMILIO AGUINALDO COLLEGECITY OF DASMARIÑAS, CAVITEO 5O1: 0Is CERTBDqIALITY MANAGIMINI SYSTEMUsing the following (scrambled) accounts, prepare a balance sheet for ABC, a retail company, for theyear ending in December 31, 2014. Assume that these are the only Balance Sheet Accounts.Accounts Payable39,000Accrued Expenses8,000Accumulated Depreciation51,000Additional Paid-In Capital86,000Allowance for Doubtful Accounts2,000Cash23,000Common Stock (PHP0.20 par45,000Curpnt Portion of L.T. Debt6,000Gross Accounts Receivable40,000Gross Fixed Assets486,000Inventories54,000Long-Term Debt210,000Net Accounts Receivable38,000Net Fixed Assets435,000Retained Earnings138,000Short-Term Bank Loan (Notes Payable)18,000SERVICEVIRTUEEXCELLENCE

The balance sheet represents the financial position of the company. It includes the assets,…

Answered: Using the following (scrambled)…

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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Using the following (scrambled) accounts, please help me prepare a balance sheet for ABC, a retail company, for the year ending December 31, 2014. Assume that these are the only Balance Sheet Accounts. Thank you!

EMILIO AGUINALDO COLLEGE
CITY OF DASMARIÑAS, CAVITE
O 5O1: 0Is CERTBD
qIALITY MANAGIMINI SYSTEM
Using the following (scrambled) accounts, prepare a balance sheet for ABC, a retail company, for the
year ending in December 31, 2014. Assume that these are the only Balance Sheet Accounts.
Accounts Payable
39,000
Accrued Expenses
8,000
Accumulated Depreciation
51,000
Additional Paid-In Capital
86,000
Allowance for Doubtful Accounts
2,000
Cash
23,000
Common Stock (PHP0.20 par
45,000
Curpnt Portion of L.T. Debt
6,000
Gross Accounts Receivable
40,000
Gross Fixed Assets
486,000
Inventories
54,000
Long-Term Debt
210,000
Net Accounts Receivable
38,000
Net Fixed Assets
435,000
Retained Earnings
138,000
Short-Term Bank Loan (Notes Payable)
18,000
SERVICE
VIRTUE
EXCELLENCE

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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