An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its… 1 answer below »

An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March 31, 2014, is shown below: Account Adjusted Account balance Accounts payable $ 9,100 Accumulated depreciation, building 25,000 Accumulated depreciation, furniture 3,500 Advertising expense 16,200 Building 591,000 Cash 17,000 Depreciation expense, building 25,000 Depreciation expense, furniture 3,500 Furniture 42,800 Interest expense 10,260 Interest payable 900 Janitorial expense 41,000 Land 110,000 Long-term notes payable 362,000 Notes receivable, due 201 7 143,000 Office salaries expense 126,625 Office supplies 700 Office supplies expense 6,100 Patent 3,000 Prepaid advertising 400 Rent earned 398,400 Rent receivable 16,000 Salaries payable 2,625 Utilities expense 36,720 Wyett North, capital 415,780 Wyett North, withdrawals 28,000 Assume all accounts have a normal balance Required 1. Calculate the capital balance as it would appear on the March 31, 2014, balance sheet. 2. Prepare a classified balance sheet. Assume that $ 215,000 of the notes receivable will be collected by March 31, 2015. Analysis component: North Country shows an adjusted balance in the long-Term notes payable account of $ 360,000 at March 31, 2014. Review the balance sheet just prepared and makes a reasonable assumption about what the $ 362000 was most logically used for by North C

 

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