Prepare Balance Sheet anfor Adam Investment Cooperation for the year endedon July 31", 2022CashElectricity expense40,000180,500 Prepaid electricity90,5007,5008,40015,00021,80010,5008,300Sales11,700Purchased5,500Fright INSalary payableMaintenance expenseInterest expenseDepreciation expenses-VehicleAccumulated depreciation-vehicle5,00020,00060,00080,0006,30050,0001500VehicleRent expenseLandPrepaid rentBuildingRent revenueUnearned rentOwner's investmentOwner's drawingRetain earning8,500150,000 Accumulated depreciation - Building62,00022,000Customer refund payableMarketing expensesOffice suppliesMerchandise Inventory on July 31", 2022 30,600600012,50010,500Note payable (Due for payment 2030)Estimated inventory return40,0006,100Account Receivable29700Account Payable48500Proportion of note payable due in this5000Net income for the year100,000yearNote: the balance sheet is not balancing

Balance Sheet is one of the part of Financial Statements of a company which shows the Financial…

Prepare Balance Sheet an for Adam Investment Cooperation for the year ended on July 31", 2022 Cash Electricity expense 8,300 40,000 180,500 Prepaid electricity 90,500 7,500 8,400 Sales 11,700 5,500 5,000 20,000 60,000 80,000 6,300 Purchased Interest expense Fright IN Salary payable Maintenance expense Rent expense Depreciation expenses-Vehicle Accumulated depreciation-vehicle 15,000 21,800 10,500 Vehicle Land Prepaid rent Building Rent revenue Unearned rent 8,500 50,000 150,000 Accumulated depreciation-Building 62,000 22,000 40,000 6,100 Owner's investment 1500 Owner's drawing Retain earning Note payable (Due for payment 2030) Estimated inventory return Customer refund payable Marketing expenses Office supplies Merchandise Inventory on July 31", 2022 30,600 6000 12,500 10,500 Account Receivable 29700 Account Payable 48500 Net income for the year Proportion of note payable due in this year lote: the balance sheet is not balancing 5000 100,000

Prepare Balance Sheet an for Adam Investment Cooperation for the year ended on July 31", 2022 Cash Electricity expense 8,300 40,000 180,500 Prepaid electricity 90,500 7,500 8,400 Sales 11,700 5,500 5,000 20,000 60,000 80,000 6,300 Purchased Interest expense Fright IN Salary payable Maintenance expense Rent expense Depreciation expenses-Vehicle Accumulated depreciation-vehicle 15,000 21,800 10,500 Vehicle Land Prepaid rent Building Rent revenue Unearned rent 8,500 50,000 150,000 Accumulated depreciation-Building 62,000 22,000 40,000 6,100 Owner's investment 1500 Owner's drawing Retain earning Note payable (Due for payment 2030) Estimated inventory return Customer refund payable Marketing expenses Office supplies Merchandise Inventory on July 31", 2022 30,600 6000 12,500 10,500 Account Receivable 29700 Account Payable 48500 Net income for the year Proportion of note payable due in this year lote: the balance sheet is not balancing 5000 100,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 90PSB

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