I've been working on balancing my balance sheet and my journal entry but I haven't had any luck on both, can you please look at the work I've done already to you can take a look and modify it so I can see where I was making my mistakes. My email is [email protected] if you would like to email me.

Please I really need your help in solving this.

Here's the Question.

Prepare a Classified Balance Sheet and a Single Step Income Statement for the following:
Calculate the Working Capital, Current Ratio and Quick Ratio.


ABC Company
Trial Balance
31-Dec-07


Debit Credit

Cash 90900
Marketable Securities 75000
Accounts Receivable 55000
Inventory 45000
Prepaid Insurance 1100
Long Term Investments 45000
Land 200000
Building 300000
Accumulated Depreciation Building 50000
Vehicles 60000
Accumulated Depreciation Vehicles 10000
Patent 23000
Accounts Payable 16000
Salaries Payable 1500
Interest Payable 750
Notes Payable Due December 31, 2009 450000
Capital Stock 100000
Paid In Capital in Excess of Par 45000
Retained Earnings 108650
Sales 620000
Rental Revenue 12600
Cost of Goods Sold 440000
Advertising Expense 36000
Insurance Expense 2500
Salaries Expense 35000
Interest Expense 6000

Totals 1414500 1414500

I've been working on balancing my balance sheet and my journal entry but I haven't had any luck on both, can you please look at the work I've done already to you can take a look and modify it so I can see where I was making my mistakes. my email is [email protected] if you would like to email me.

Please I really need your help in solving this.

Here's the Question.

Prepare a Classified Balance Sheet and a Single Step Income Statement for the following:
Calculate the Working Capital, Current Ratio and Quick Ratio.


ABC Company
Trial Balance
31-Dec-07


Debit Credit

Cash 90900
Marketable Securities 75000
Accounts Receivable 55000
Inventory 45000
Prepaid Insurance 1100
Long Term Investments 45000
Land 200000
Building 300000
Accumulated Depreciation Building 50000
Vehicles 60000
Accumulated Depreciation Vehicles 10000
Patent 23000
Accounts Payable 16000
Salaries Payable 1500
Interest Payable 750
Notes Payable Due December 31, 2009 450000
Capital Stock 100000
Paid In Capital in Excess of Par 45000
Retained Earnings 108650
Sales 620000
Rental Revenue 12600
Cost of Goods Sold 440000
Advertising Expense 36000
Insurance Expense 2500
Salaries Expense 35000
Interest Expense 6000

Totals 1414500 1414500
Accts rec 55000 total rev 632600
Prepare insur 1100 cg -440000
Inventory 45000
advertising -36000
Land 200000 insurance -2500
Building 300000 salaries -35000
Acc dep -50000 interest -6000

Vehicles 60000
Acc dep -10000 ni 113100

Patent 23000
835000


Acct payable 16000
Interest payable 750
Salaries payable 1500

Notes payable 450000

Capital stock 100000
Paid in cap 45000

Retained earnings 108650
Net income 113100

835000

Hopefully this helps...