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total stockholders equity balance
total liabilites and stockholders equity balance
(here is my current work but got the questions incorrect) please help !!
IN You are hired as a new staff accountant for Chalky Co., a reputable chalkboard company, that specializes in selling and installing chalkboards. Yourr task is to prepare the financial statements for September 30, 2020 You are provided with the unadjusted trail balance, and but need to make the following adjusting entries. 1. An audit of inventory shows that $3,000 of office supplies were used. 2. Chalky Co had purchased office furniture. The office furniture was purchased for $36,000. Chalky Co. expects the furniture to last 6 years and value $0 at the end of its useful You notice that monthly depreciation expense for 2020 has not been recorded. They will need to book 9 months of depreciation expense in September. 3. An insurance policy was purchased for $4,000. The policy term was for April 2020 - March 2021. 6 months of expense needs to be booked. 4. Star Company paid $18,000 for chalkboard installations last month. The service was completed in September. 5. Chalky Co. provided installation service to Red Barn Inc for $36,000. Chalky Co. issued an invoice to Red Barn Inc on September 21st with payment terms 5/10 net 30. 6. Pretty Office Cleaning, a cleaning service, provided services to Chalky Co. during September An invoice was received for the amount of $8,000 due in 30 days. 7. Chalky Co. conducted a physical count of their inventory and realized there was a shrinkage. The value of current inventory was $18,000. 8. Based on previous experience, Chalky Co estimates that 2% of its accounts receivable balance will go uncollected. 9. Chalky Co. aquired BD Company, smaller company, in 2019 for $150,000. At the time of acquisition, BD Company had net assets of $100,000. The current value of BD Company is $125,000
Cash Inventory Accounts Receivable Office Supplies Prepaid Insurance Office Furniture Land Goodwill Accounts Payable Unearned Revenue Common Stock Dividends Sales or Service Revenue Cost of Goods Sold Salaries Expenses Rent Expense Utilities Expense Total Chalky Co. Unadjusted Trial Balance September 30, 2020 Account Title Debit Balance 45,000 23,000 2,300 7,000 4,000 36,000 25,000 50,000 3,500 7,600 700 2,500 1,400 208,000 Credit 13,600 56,000 110,000 28,400 208,000
Date Adj 1 Date Adj 2 Date Adj 3 Date Adj 4 Date Adj 5 Date Adj 6 Date Adj 7 Date Adj 8 Date Adj 9 Chalky Co. Journal Entries September 30, 2020 Accounts and Explanation Accounts and Explanation Accounts and Explanation Accounts and Explanation Accounts and Explanation Accounts and Explanation Accounts and Explanation Accounts and Explanation Accounts and Explanation #A Debit Debit Debit Debit Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit Credit Credit Credit Credit
Unang Bal Bal. Umm] that La Bal Bal Una al Hat Un al Bad Bal Lind Bd. nd Unang Bal Bat That Bal 45,000 45.000 Accomm Receivable 2300 1.300 Office Supplies 1.000 1.000 Prepid leveran 4,000 40000 Laad 25,000 50000 Offer Furniture 16,000 Salary Expe Supplies Expres Depreciation Expense: Farber Inverance p Cintaf goods sold TARD T Goodwil 30,000 Chailly Ca Genel Ledger September 30, 20 INAL Bul Accounts Payable End Rev Dividend 3.50 Sales Service Re Un Expe 1,400 1000 Reat Expense 2300 2.500 Cleaning p lovestory 23,360 11,000 Cely Be LARRY 11,000 Bal 50,000|Lima) Hal 110,000 Ud 118.000 Bal Accumulated Depreciate-Farr 20,4000)| Viad fid 28.400 Bal Ⓒal Allowance for Dustial Accounte Ond
Cash Inventory Accounts Receivable Allowance for Doubtful Accounts Account Title Office Supplies Prepaid Insurance Office Furniture Accumulated Depreciation - Office Furniture Land Goodwill Accounts Payable Unearned Revenue Common Stock Dividends Sales or Service Revenue Impairment Loss Cost of Goods Sold Bad Debt Expense Salaries Expenses Depreciation Expense - Office Furniture Cleaning Expense Insurance Expense Supplies Expenses Rent Expense Utilities Expense Total Chalky Co. Adjusted Trial Balance September 30, 2020 Debit Balance 0 Credit 0
Revenues: Sales or Service Revenue Cost of goods sold Expenses: Utilities Expense Rent Expense Gross Income: Cleaning expense Salary Expense. Supplies Expense Depreciation Expense- Furniture Insurance expense Bad debt expense Impairment loss Total Expenses: Chalky Co. Income Statement September 30, 2020 0 0 0 0 0 0 0 Net Income: 0 0 0 IN
Beginning Balance Net income Dividends Ending Balance, December 31, 2018 Chalky Co. Statement of Owners Equity September 30, 2020 0 0 0 0 TA
Assets Current Assets: Cash Inventory Net Accounts Receivable Office Supplies Prepaid Insurance Property, Plant, and Equipment: Land Liabilities Intangible Assets: Furniture Less: Accumulated Depreciation-Furniture Goodwill Current Liabilities: Accounts Payable Unearned Revenue Shareholders' Equity Chalky Co. Balance Sheet September 30, 2020 Common Stock Owner's Equity Total Current Assets: Total Property, Plant, and Equipment Total Assets: 00000 Total Current Liabilties: 0 0 0 Total Shareholders' Equity: Total Shareholders' Equity and Liabilities: TUN ||| 0 0
Date 2020-09-30 Date 2020-09-30 Date 2020-09-30 Date 2020-09-30 Date 2020-09-30 Date 2020-09-30 Date 2020-09-30 Date 2020-09-30 Date 2020-09-30 Account Supplies expense Office Supplies Account Depreciation expense - Office furniture Accumulated depreciation - Office furniture Account Insurance Expense Prepaid Insurance Account Cash Sales or service revenue Account Accounts Receivable Sales or service revenue Account Cleaning service expense Accounts Payable Account Inventory shrinkage Inventory Account Bad debt expense Allowance for doubtful accounts Account Loss on impairment Goodwill Dr $3,000 Dr $4,500 Dr $2,000 Dr $18,000 Dr $36,000 Dr $8,000 Dr $5,000 Dr $766 Dr $25,000 Cr $3,000 Cr $4,500 Cr $2,000 Cr $18,000 Cr $36,000 Cr $8,000 Cr $5,000 Cr $766 Cr $25,000
Adjusted trial balance of Chalky Co. as on September 30, 2020 Particulars Cash Inventory Accounts receivable Allowance for doubtful accounts Office supplies Prepaid insurance Land Office furniture Accumulated depreciation- Office furniture Goodwill Accounts payable Unearned revenue Common stock Dividends Sales or service revenue Cost of goods sold Salaries expense Rent expense Utilities expense Supplies expense Depreciation expense- Office furniture Insurance expense Cleaning service expense Inventory shrinkage Bad debt expense Loss on impairment Total Debit ($) 63,000 18,000 38,300 4,000 2,000 25,000 36,000 25,000 3,500 7,600 700 2,500 1,400 3,000 4,500 2,000 8,000 5,000 766 25,000 275,266 Credit ($) 766 4,500 21,600 56,000 110,000 82,400 275,266
Statement of owner's equity of Chalky Co. as on September 30, 2020 Particulars Paid in capital: Common stock Retained earnings: Net income Less: Dividends Total owner's equity Amount ($) 21,934 -3,500 Amount ($) 110,000 18,434 128,434
2020-09-30 2020-09-30 Balance 2020-09-30 2020-09-30 Balance Balance 2020-09-30 Balance 2020-09-30 Balance Cash $45,000 $18,000 $63,000 Accounts Receivable $2,300 $36,000 $38,300 Allowance for doubtful accounts $766 $766 Inventory $23,000 $5,000 $18,000 Office Supplies $7,000 $3,000 $4,000 2020-09-30 2020-09-30 2020-09-30
2020-09-30 Balance 2020-09-30 Balance 2020-09-30 Balance Depreciation expense - Office furniture $4,500 $4,500 2020-09-30 Balance 2020-09-30 Balance 2020-09-30 Balance Insurance Expense $2,000 $2,000 Cleaning service expense $8,000 $8,000 Inventory shrinkage $5,000 $5,000 Bad debt expense $766 $766 Loss on impairment $25,000 $25,000
Adjusted trial balance of Chalky Co. as on September 30, 2020 Particulars Cash Inventory Accounts receivable Allowance for doubtful accounts Office supplies Prepaid insurance Land Office furniture Accumulated depreciation- Office furniture Goodwill Accounts payable Unearned revenue Common stock Dividends Sales or service revenue Cost of goods sold Salaries expense Rent expense Utilities expense Supplies expense Depreciation expense- Office furniture Insurance expense Cleaning service expense Inventory shrinkage Bad debt expense Loss on impairment Total Debit ($) 63,000 18,000 38,300 4,000 2,000 25,000 36,000 25,000 3,500 7,600 700 2,500 1,400 3,000 4,500 2,000 8,000 5,000 766 25,000 275,266 Credit ($) 766 4,500 21,600 56,000 110,000 82,400 275,266
Statement of owner's equity of Chalky Co. as on September 30, 2020 Particulars Paid in capital: Common stock Retained earnings: Net income Less: Dividends Total owner's equity Amount ($) 21,934 -3,500 Amount ($) 110,000 18,434 128,434
2020-09-30 2020-09-30 Balance 2020-09-30 2020-09-30 Balance Balance 2020-09-30 Balance 2020-09-30 Balance Cash $45,000 $18,000 $63,000 Accounts Receivable $2,300 $36,000 $38,300 Allowance for doubtful accounts $766 $766 Inventory $23,000 $5,000 $18,000 Office Supplies $7,000 $3,000 $4,000 2020-09-30 2020-09-30 2020-09-30
2020-09-30 Balance 2020-09-30 Balance 2020-09-30 Balance Depreciation expense - Office furniture $4,500 $4,500 2020-09-30 Balance 2020-09-30 Balance 2020-09-30 Balance Insurance Expense $2,000 $2,000 Cleaning service expense $8,000 $8,000 Inventory shrinkage $5,000 $5,000 Bad debt expense $766 $766 Loss on impairment $25,000 $25,000 W