Using the information presented below, prepare a statement of owner's equity and balance sheet from the adjusted trial balance of Dodson Containers. Mr. Dodson's capital account balance of $40,340 consists of a $30,340 beginning-year balance plus a $10,000 investment during the current year.DODSON CONTAINERSAdjusted Trial BalanceDecember 31
Cash…………………………………………………. $ 3,050?Accounts receivable………………………………… 400?Prepaid insurance …………………………………... 830?Office supplies ............................................................. 80?Office equipment ……………………………………. 4,200?Accumulated depreciation-office equipment ……… ?$ 1,100Buildings……………………………………………... 98,000?Accumulated depreciation-buildings………………..? 28,000Land………………. 115,000?Wages Payable…………………………………….…? 880Property taxes payable…………………………….…? 1,400Interest payable……………………………………...? 2,200Unearned rent………………………………………..? 460Long-term notes payable…………………………….? 150,000Frank Dodson, Capital ……………………………….? 40,340Frank Dodson, Withdrawals21,000?Rent earned ………………………………………….? 67,500Wages expense ……………………………………...29,000?Utilities expense ……………………………………. 2,900?Property taxes expense ……………………………..2,400?Insurance expense…………………………………... 5,800?Office supplies expense……………………………… 250?Depreciation expense-office equipment……………..400?Depreciation expense-buildings……………………..5,570?Interest expense …………………………………. 3,000 ________?Totals ………………………………………$291,880$291,880
What will be an ideal response?
DODSON CONTAINERS
Statement of Owner's Equity
For Year Ended December 31
| Frank Dodson, Capital, January 1 | ? | $30,340 |
| Plus: Owner's investments | $10,000 | ? |
| Net income | 18,180 | $28,180 $58,520 |
| ? | ? | ? |
| Less: withdrawals by owner | ? | ($21,000) |
| Frank Dodson, Capital, December 31 | ? | $37,520 |
DODSON CONTAINERS Balance Sheet December 31 ? | ? | ||
| Assets | ? | ? | ? |
| Cash | ? | $ 3,050 | ? |
| Accounts Receivable | ? | 400 | ? |
| Prepaid Insurance | ? | 830 | ? |
| Office Supplies | ? | 80 | ? |
| Land | ? | 115,000 | ? |
| Office Equipment | $ 4,200 | ? | ? |
| Less: Accumulated depreciation | 1,100 | 3,100 | ? |
| Buildings | 98,000 | ? | ? |
| Less: Accumulated depreciation | 28,000 | 70,000 | ? |
| Total assets | ? | $192,460 | ? |
| ? | ? | ? | ? |
| Liabilities | ? | ? | ? |
| Wages Payable | $ 880 | ? | ? |
| Property Taxes Payable | 1,400 | ? | ? |
| Interest Payable | 2,200 | ? | ? |
| Unearned Rent | 460 | ? | ? |
| Long-Term Note Payable | 150,000 | ? | ? |
| Total Liabilities | ? | $154,940 | ? |
| ? | ? | ? | ? |
| Equity | ? | ? | ? |
| Frank Dodson, Capital | ? | 37,520 | ? |
| Total Liabilities and Equity | ? | $192,460 | ? |
You might also like to view...
The amount of cash that could have been paid for an asset on the date of purchase is called
a. trade-in value; b. materiality; c. cost; d. cash equivalent price; e. salvage value
Answer the following statements true (T) or false (F)
The G4+1 report on leases would make all leases financing leases.
A machine with a cost of $130,000 and accumulated depreciation of $85,000 is sold for $50,000 cash. The amount that should be reported in the operating activities section reported under the direct method is:
A. $50,000. B. Zero. This is a financing activity. C. Zero. This is an investing activity. D. $45,000. E. $5,000.
A partner:
A) cannot be held criminally liable for the crimes of his partners. B) has joint and several liability with his partners for contracts entered and for torts and crimes committed by other partners. C) may be criminally liable for the crimes of his partners if he authorized the acts. D) who commits a tort is liable to the third party only through the partnership entity.