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Learning Team Assignment Chapter 5, 24
Matthew Gourlie, Maria Ceja,
Jason Day, Erica Lewis, Wendy Archibald
University of Phoenix
Walfyette Powell
February 13, 2011
Chapter 5
P5–3 (Balance Sheet Adjustment and Preparation) The adjusted trial balance of Side Kicks Company and other related information for the year 2007 are presented on the next page.
| | | Side Kicks Company | | | |
| | | Adjusted Trial Balance | | | |
| | | 31-Dec-07 | | | |
____________________________________________________________
________ |
| | | | | Debit | Credit |
Cash | | | | | $ 41,000.00 | |
Accounts Receivable | | | $ 163,500.00 | |
Allowance for Doubtful Accounts | | | $ 8,700.00 |
Prepaid Insurance | | | | $ 5,900.00 | |
Inventory | | | | | $ 308,500.00 | |
Long-Term Investments | | | $ 339,000.00 | |
Land | | | | | $ 85,000.00 | |
Construction Work in Progress | | $ 124,000.00 | |
Patents | | | | | $ 36,000.00 | |
Equipment | | | | $ 400,000.00 | |
Accumulated Depreciation of Equipment | | | $ 140,000.00 |
Unamortized Discount on Bonds Payable | | $ 20,000.00 | |
Accounts Payable | | | | | $ 148,000.00 |
Accrued Expenses | | | | | $ 49,200.00 |
Notes Payable | | | | | $ 94,000.00 |
Bonds Payable | | | | | $ 400,000.00 |
Common stock | | | | | $ 500,000.00 |
Premium on common stock | | | | $ 45,000.00 |
Retained Earnings | | | | ___________ | $ 138,000.00 |
| | | | | $ 1,522,900.00 | $ 1,522,900.00 |
Additional information:
1. The LIFO method of inventory value is used.
2. The cost and fair value of the long-term investments that consist of stocks and bonds is the same.
3. The amount of the Construction Work in Progress account represents the costs expended to date on a building in the process...