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I need assistance in preparing the below question....

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Question

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#4657 | Written in 18-Jul-2015

Price : $25
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