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Chapter 4: Q3SE (page 217)

Refer to the data in Short Exercise S4-1. Prepare Dalton’s unclassified balance sheet at December 31, 2018. Use the account form.

Short Answer

Expert verified

DALTON HAIR STYLISTS

Balance Sheet

December 31, 2018

Assets

Liabilities

Cash

$1,300

Accounts Payable

$400

Office Supplies

1,800

Interest Payable

500

Accounts Receivable

1,500

Notes Payable

3,100

Equipment

20,900

Total Liabilities

4,000

Less: Accumulated Depreciation- Equipment

2200

Stockholders’ Equity

Common Stock

16,150

Retained Earnings

3,150

Total Stockholders’ Equity

19,300

Total Assets

$23,300

Total Liabilities and Stockholders’ Equity

$23,300

Step by step solution

01

Explanation of balance sheet                          

Balance sheet indicates the balances of assets, liabilities, and owners’ equity for the particular accounting period.

02

Details of balance sheet

In the balance sheet, total assets equal $23,300, total liabilities equal $4,000, and total stockholders’ equity equal $19,300.

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Most popular questions from this chapter

The adjusted trial balance of Stone Sign Company follows: Account Title Prepaid Rent Cash Debit Credit Office Supplies Equipment Accumulated Depreciation—Equipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Common Stock Dividends Service Revenue Salaries Expense Rent Expense Depreciation Expense—Equipment Supplies Expense Balance \( 15,400 \) 85,500 \( 85,500 100 \) 7,000 3,800 4,300 4,200 800 48,800 17,300 1,400 3,700 1,500 1,400 60,000 300 400 Utilities Expense 600 Total STONE SIGN COMPANY Adjusted Trial Balance January 31, 2018 Requirements 1. Assume Stone Sign Company has a January 31 year-end. Journalize Stone’s closing entries at January 31. 2. How much net income or net loss did Stone Sign Company earn for the year ended January 31? How can you tell?

For each account listed, identify the category in which it would appear on a classified balance sheet.

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Identify two liability categories on the classified balance sheet, and give examples of each category.

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\)6,000. This payment included the accrued amount at December 31, plus $2,000 for the first few days of January.

25A. Journalize the cash payment

For each account listed, identify the category in which it would appear on a classified balance sheet. a. Office Supplies b. Interest Payable c. Retained Earnings d. Copyrights e. Land f. Accumulated Depreciation—Furniture g. Land (held for long-term investment purposes) h. Unearned Revenue i. Notes Payable (due in six years)
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