Maurice Tutor

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Category > Accounting Posted 23 Aug 2017 My Price 9.00

Olympic Acquisitions, Inc

Problem 7-52A FINANCIAL STATEMENT PRESENTATION OF OPERATING ASSETS

Olympic Acquisitions, Inc., prepared the following post-closing trial balance at Decem- ber 31, 2009:

Debit                    Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

$   6,400

 

Accounts receivable

15,000

 

Supplies

26,000

 

Land

42,000

 

Buildings

155,000

 

Equipment

279,000

 

 

 

(Continued )

 

Debit                    Credit

Truck

32,000

 

Franchise

49,600

Goodwill

313,500

Accounts payable

 

 

$   4,100

Accumulated  depreciation, buildings

 

 

112,000

Accumulated  depreciation, equipment

 

 

153,000

Accumulated  depreciation, truck

 

 

16,300

Wages payable

 

 

7,000

Interest payable

 

 

7,300

Income taxes payable

 

 

12,000

Notes payable (due in 8 years)

 

 

190,000

Common stock

 

 

300,000

Retained earnings

 

 

116,800

Totals

$918,500

 

$918,500

 

Required:

Prepare a classified balance sheet for Olympic Acquisitions at December 31, 2009. Olympic reports the three categories of operating assets in separate subsections of assets.

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Maurice Tutor
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Status NEW Posted 23 Aug 2017 11:08 PM My Price 9.00

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