Maurice Tutor

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About Maurice Tutor

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Expertise:
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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 307 Weeks Ago, 4 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 19 Aug 2017 My Price 13.00

Wilson Farms, Inc.

The following list of balance sheet items are in random order for Wilson Farms, Inc., at September 30, 2011:

 

 

Land . . . . . . . . . . . . . . . . . . . .

$490,000

Fences and Gates  . . . . . . . . .

$ 33,570

 

Barns and Sheds  . . . . . . . . . .

78,300

Irrigation System. . . . . . . . . . .

20,125

 

Notes Payable  . . . . . . . . . . . .

330,000

Cash . . . . . . . . . . . . . . . . . . . .

16,710

 

Accounts Receivable  . . . . . . .

22,365

Livestock. . . . . . . . . . . . . . . . .

120,780

 

Citrus Trees  . . . . . . . . . . . . . .

76,650

Farm Machinery . . . . . . . . . . .

42,970

 

Accounts Payable. . . . . . . . .

77,095

Retained Earnings  . . . . . . . . .

?

 

Property Taxes Payable . . . . .

9,135

Wages Payable. . . . . . . . . . . .

5,820

 

Capital Stock. . . . . . . . . . . . . .

290,000

 

 

 

               

 

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Ef
 

 

 

Accounts Payable. . . . . . . . . . .

$16,200

Equipment and Fixtures . . . . . .

$44,500

 

Accounts Receivable  . . . . . . . .

11,260

Land . . . . . . . . . . . . . . . . . . . . .

67,000

 

 

Building. . . . . . . . . . . . . . . . . . .

84,000

Notes Payable  . . . . . . . . . . . . .

74,900

 

 

Capital Stock  . . . . . . . . . . . . . .

80,000

Salaries Payable  . . . . . . . . . . .

8,900

 

 

Cash . . . . . . . . . . . . . . . . . . . . .

6,940

Supplies . . . . . . . . . . . . . . . . . .

7,000

 
 

S

of
 

 

 

 

Instructions

a.       Prepare a balance sheet by using these items and computing the amount for Retained Earn- ings. Use a sequence of assets similar to that illustrated in Exhibit 2–10. (After “Barns and Sheds,” you may list the remaining assets in any order.) Include a proper heading for your balance sheet.

b.       Assume that on September 30, immediately after this balance sheet was prepared, a tornado completely destroyed one of the barns. This barn had a cost of $13,700 and was not insured against this type of disaster. Explain what changes would be required in your September 30 balance sheet to reflect the loss of this barn.

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 05:08 PM My Price 13.00

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