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I need assistance in preparing the below question. Could you show me the steps that you use to get the answer? Need some extra guidance. Thanks so much! I need this answer no later than noon tomorrow. Please advise me if this cannot be done.;The following year-end adjusted trial balance is for Tom Janes Co. at the end of December 31. The credit balance in Tom Janes, Capital at the beginning of the year, January 1, was $320,000. The owner, Tom Janes, invested an additional $300,000 during the current year. The land held for future expansion was also purchased during the current year.;Cash $90,000;Accounts receivable $18,000;Prepaid Insurance $ 6,000;Office supplies $ 2,000;Investment in stocks $150,000;Land Held for future expansion $300,000;Office Equipment $ 18,000;Accumulated depreciation-Equipment $4,000;Building $350,000;Accumulated depreciation $170,000;Land $250,000;Intangible assets- $ 50,000;licensing agreement;Accounts payable $17,800;Salaries payable $ 8,500;Interest payable $ 7,900;Long-term note payable $224,000;Tom James, Capital $620,000;Tom James, Withdrawals $60,000;Service fees earned $470,800;Salaries expense $180,000;Insurance expense $12,000;Rent expense $25,000;Depreciation expense-Equip. $ 2,000;Depreciation expense-Building $10,000;Totals $1,523,000 $1,523,000;Required;Prepare a classified year-end balance sheet. (Note: A $22,000 installment on the long-term note payable is due within one year.);Required;Prepare a classified year-end balance sheet. (Note: A $22,000 installment on the long-term note payable is due within one year.)

 

Paper#26648 | Written in 18-Jul-2015

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