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Prepare a balance sheet, assuming that the current portion of the note payable is $7,000

Prepare a balance sheet, assuming that the current portion of the note payable is $7,000

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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Prepare a balance sheet, assuming that the current portion of the note payable is $7,000
3. Prepare a balance sheet, assuming that the current portion of the note payable is $7,000. Kanpur CO. Balance Sheet May 31, 2019 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities:
Transcribed Image Text:3. Prepare a balance sheet, assuming that the current portion of the note payable is $7,000. Kanpur CO. Balance Sheet May 31, 2019 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities:
The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: $92,0 $300,00 Gerri Faber, Drawing 00 ash 450,0 8,925,0 Accounts Receivable Sales 00 00 370,0 5,620,0 Merchandise Inventory Cost of Merchandise Sold 00 00 Estimated Returns Inventory 5,000 Sales Salaries Expense 850,000 10,00 Office Supplies Advertising Expense 420,000 12,00 Depreciation Expense–Store Equipment Prepaid Insurance 33,000 Office Equipment 220,0 Miscellaneous Selling Expense 00 18,000 Accumulated Depreciation–Office Equipment 58,00 Office Salaries Expense 540,000 650,0 Store Equipment Rent Expense 00 48,000 Accumulated Depreciation–Store Equipment 87,50 Insurance Expense 24,000 38,50 Depreciation Expense- Office Equipment Accounts Payable 10,000 Customer Refunds Payable 10,00 Office Supplies Expense 4,000 Salaries Payable 4,000 Miscellaneous Administrative Exp. 6,000 Note Payable (final payment due 2032) 140,0 Interest Expense 00 12,000 Gerri Faber, Capital 431,0 00
Transcribed Image Text:The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: $92,0 $300,00 Gerri Faber, Drawing 00 ash 450,0 8,925,0 Accounts Receivable Sales 00 00 370,0 5,620,0 Merchandise Inventory Cost of Merchandise Sold 00 00 Estimated Returns Inventory 5,000 Sales Salaries Expense 850,000 10,00 Office Supplies Advertising Expense 420,000 12,00 Depreciation Expense–Store Equipment Prepaid Insurance 33,000 Office Equipment 220,0 Miscellaneous Selling Expense 00 18,000 Accumulated Depreciation–Office Equipment 58,00 Office Salaries Expense 540,000 650,0 Store Equipment Rent Expense 00 48,000 Accumulated Depreciation–Store Equipment 87,50 Insurance Expense 24,000 38,50 Depreciation Expense- Office Equipment Accounts Payable 10,000 Customer Refunds Payable 10,00 Office Supplies Expense 4,000 Salaries Payable 4,000 Miscellaneous Administrative Exp. 6,000 Note Payable (final payment due 2032) 140,0 Interest Expense 00 12,000 Gerri Faber, Capital 431,0 00
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