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    cedr1ck's Avatar
    cedr1ck Posts: 1, Reputation: 1
    New Member
     
    #1

    Oct 13, 2007, 01:55 PM
    I can't seem to balance my balance sheet
    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
    nancynelson's Avatar
    nancynelson Posts: 2, Reputation: 1
    New Member
     
    #2

    Oct 26, 2007, 06:00 AM
    Quote Originally Posted by cedr1ck
    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
    nancynelson's Avatar
    nancynelson Posts: 2, Reputation: 1
    New Member
     
    #3

    Oct 26, 2007, 06:01 AM
    Hopefully this helps...

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