Accounting Case - 1317 Words

The balance sheet items of The Sweet Soda Shop (arranged in alphabetical order) were as follows at the close of business on September 30, 2011: Accounts Payable Accounts Receivable Building Capital Stock Cash $ 8,500 1,250 45,500 50,000 7,400 Furniture and Fixtures Land Notes Payable Retained Earnings Supplies 20,000 $ 55,000 ? 4,090 3,440 The transactions occurring during the first week of October were: Oct. 3 Additional capital stock was sold for $30,000. The accounts payable were paid in full. (No payment was made on the notes payable.) Oct. 6 More furniture was purchased on account at a cost of $18,000, to be paid within 30 days. Supplies were purchased for $1,000 cash from a restaurant supply center that was going out of business.†¦show more content†¦4,090 3,440 The transactions occurring during the first week of October were: Oct. 3 Additional capital stock was sold for $30,000. The accounts payable were paid in full. (No payment was made on the notes payable.) Oct. 6 More furniture was purchased on account at a cost of $18,000, to be paid within 30 days. Supplies were purchased for $1,000 cash from a restaurant supply center that was going out of business. These supplies would have cost $1,875 if purchased under normal circumstances. Oct. 1–6 Revenues of $5,500 were earned and paid in cash. Expenses required to earn the revenues of $4,000 were incurred and paid in cash. a. Prepare a balance sheet at September 30, 2011. (You will need to compute the missing figure for Notes Payable). (Be sure to list the assets and liabilities in order of their liquidity. Omit the $ sign in your response.) THE SWEET SODA SHOP Balance Sheet September 30, 2011 Assets Cash Accounts receivable Supplies $ 7,400 1,250 3,440 ezto.mhecloud.mcgraw-hill.com/hm.tpx 2/4 12-9-9 Land Building Furniture and fixtures Total Liabilities Owners Equity Liabilities: Notes payable Accounts payable Total Liabilities Owners equity: Capital stock Retained earnings Total Assignment Results 55,000 45,500 20,000 $Show MoreRelatedA Case Of Accounting Fraud1555 Words   |  7 Pagesmajor case of accounting fraud driven by the desire to build and protect one’s personal financial condition is the WorldCom debacle. Bernie Ebbers had to show continually growing net worth in order to avoid margin calls on his own WorldCom stock that he had pledged to secure loans. When WorldCom, the telecommunications giant, failed and was put into bankruptcy, the U.S. witnessed the largest accounting frauds in history. 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