The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year. Cash $250,000 Retained Earnings 1,197,000 Dividends 1,790,000 Sales 23,500 Cost of Goods Sold 14,000 Sales Salaries Expense 8,500 Advertising Expense 870,000 580,000 Miscellaneous Selling Expense 2,600,000 Office Salaries Expense 820,000 Rent Expense 336,000 Depreciation Expense-Office Equipment Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Depreciation Expense-Store Equipment 39,000 Insurance Expense 43,000 Office Supplies Expense Salaries Payable Notes Payable (long-term) 200,000 Miscellaneous Administrative Expense Common Stock 600,000 Interest Expense Prepare a balance sheet for Fernandez Co. assuming the current portion of the notes payable is $30,000. Fernandez Co. Balance Sheet December 31 2,850,000 50,000 9,350,000 5,840,000 820,000 350,000 120,000 58,000 550,000 104,000 60,000 50,000 26,000 12,000 25,000

The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year. Cash $250,000 Retained Earnings 1,197,000 Dividends 1,790,000 Sales 23,500 Cost of Goods Sold 14,000 Sales Salaries Expense 8,500 Advertising Expense 870,000 580,000 Miscellaneous Selling Expense 2,600,000 Office Salaries Expense 820,000 Rent Expense 336,000 Depreciation Expense-Office Equipment Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Depreciation Expense-Store Equipment 39,000 Insurance Expense 43,000 Office Supplies Expense Salaries Payable Notes Payable (long-term) 200,000 Miscellaneous Administrative Expense Common Stock 600,000 Interest Expense Prepare a balance sheet for Fernandez Co. assuming the current portion of the notes payable is $30,000. Fernandez Co. Balance Sheet December 31 2,850,000 50,000 9,350,000 5,840,000 820,000 350,000 120,000 58,000 550,000 104,000 60,000 50,000 26,000 12,000 25,000

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...

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