Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

The accountant for Travis Corporation made the given list of account balances from the company's records for the year ended December 31, 2012:

Sales revenue    165,000             Cash    30,000

Accounts receivable  14,000        Selling expenses   40,000

Equipment, net     42,000            Common stock   41,000

Accounts payable   12,000          Interest income    3,000

Salaries & wages expense  40,000  Cost of Sales     51,000

Inventories   22,000                     Prepaid expenses   2,000

Income taxes payable   5,000       Income taxes expense   18,000

Notes payable, due 2014   20,000      Retained earnings   32,000

Required:

Make a classified balance sheet for the Travis Corporation in good form.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M915938

Have any Question? 


Related Questions in Accounting Basics

What a baker doesdiscuss the business activitiesprocesses

What a Baker does? Discuss the business activities/processes of the organisation to show your understanding about the business.

Francis moved in with her mother beatrice when beatrices

Francis moved in with her mother, Beatrice, when Beatrice's health started to fail. Francis cared for her mother as a devoted child and never expected anything in return. When Beatrice needed to move to a nursing home, s ...

Problem 1a two four-year-old companies are identical in all

Problem 1: a. Two four-year-old companies are identical in all respects except that Company A has used straight-line depreciation exclusively since inception while Company B has used double-declining balance depreciation ...

Assume that wal-mart stores inc has decided to surface and

Assume that Wal-Mart Stores, Inc. has decided to surface and maintain for 10 years a vacant lot next to one of its stores to serve as a parking lot for customers. Management is considering the following bids involving tw ...

Wanda a calendar year taxpayer owned a building adjusted

Wanda, a calendar year taxpayer, owned a building (adjusted basis of $250,000) in which she operated a bakery that was destroyed by fire in December 2015. She receives insurance proceeds of $290,000 for the building the ...

Contemporary issues in accounting-topic - critical

Contemporary issues in accounting- Topic - Critical Accounting Theory Objective- Makes a clear distinction between different theories of accounting Critically evaluate contemporary external company reporting practices Le ...

According to the assignment requirement and the lecture

According to the assignment requirement and the lecture slides and tutorial questions, design a multiple choice question on ordinary income and statutory income from the individual point. 400 words. The QCQ must have a c ...

1 tonys pizza has total sales of 786611 and costs of 524268

1. Tony's Pizza has total sales of $786,611 and costs of $524,268. Depreciation is $38,470 and the tax rate is 31 percent. The firm does not have any interest expense. What is the operating cash flow? 2. A company purcha ...

International accountingbased upon your three papers

International Accounting Based upon your three papers (Attached), the accounting standards paper and the company analysis paper, prepare a PowerPoint presentation of 10-15 slides in which you summarize what you have lear ...

You are an accountant at wcp accountants and investment

You are an accountant at WCP Accountants and Investment Advisers. You have been approached by a client for your professional advice on investing in Woolworths Ltd. Your client supports Australian made products. Your clie ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate