Ask Question
14 July, 08:20

On December 31, Patterson Company had the following list of account balances.

Accounts Payable $42,300

Dividends $17,300

Accounts Receivable 44,000

Equipment 50,800

Accumulated Depreciation, Buildings 63,900

Prepaid Rent 14,700

Accumulated Depreciation, Equipment 10,700

Rent Expense 11,000

Beginning Retained Earnings 31,100

Salaries Expense 6,100

Buildings 119,000

Salaries Payable 8,900

Capital Stock 57,000

Service Revenue 121,600

Cash 39,900

Supplies 10,800

Depreciation Expense, Buildings 8,300

Supplies Expense 9,000

Depreciation Expense, Equipment 4,600

Required:

Prepare a balance sheet on December 31.

+4
Answers (1)
  1. 14 July, 08:28
    0
    Patterson Company

    Balance sheet as at December 31

    Fixed Assets:

    Equipment $50,800

    Less: Accumulated Depreciation, Equipment $10,700

    Buildings $119,000

    Less: Accumulated Depreciation, Buildings $63,900

    Total Fixed Assets $95,200

    Current Assets:

    Accounts Receivable $44,000

    Prepaid Rent $14,700

    Cash $39,900

    Supplies $10,800

    Total current Assets $109,400

    Current Liabilities:

    Accounts Payable $42,300

    Salaries Payable $8,900

    Total current liabilities $51,200

    Total Net Assets = $153,400

    Shareholders Equity:

    Capital Stock $57,000

    Retained earnings $96,400

    Shareholders equity $153,400

    Income statement.

    Service Revenue 121,600

    Supplies Expense 9,000

    Gross Profit 112,600

    Less expenses:

    Depreciation Expense, Equipment 4,600

    Depreciation Expense, Buildings 8,300

    Rent Expense 11,000

    Salaries Expense 6,100

    Net income $82,600

    Dividends $17,300

    Transfer to retain earnings $65,300

    Beginning Retained Earnings 31,100

    Closing retained earnings $96,400
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On December 31, Patterson Company had the following list of account balances. Accounts Payable $42,300 Dividends $17,300 Accounts ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers