The Adjusted Trial Balance Data Given Below Is from Cameron

question 33

Essay

The adjusted trial balance data given below is from Cameron White Company's worksheet for the year ended December 31, 2013. The balance of the Notes Payable account consists of notes that are due within a year. The mortgage extends for more than a year. Prepare a classified balance sheet as of December 31, 2013. The ending capital for the period from the statement of owner's equity is $56,150. $$\begin{array} { | l | r | r | } \hline { \text { ADJUSTED TRIAL BALANCE } } \\\hline { \text { ACCOUNT NAME } } & { \text { DEBIT } } & \text { CREDIT } \\\hline \text { Cash } & \$ 7,700 & \\\hline \text { Petty Cash Fund } & 100 & \\\hline \text { Notes Receivable } & 2,000 & \\\hline \text { Accounts Receivable } & 13,500 & \\\hline \text { Allowance for Doubtful Accounts } & & \$ 1,100 \\\hline \text { Merchandise Inventory } & 51,000 & \\\hline \text { Office Supplies } & 450 & \\\hline \text { Prepaid Insurance } & 1,900 & \\\hline \text { Land } & 8,000 & \\\hline \text { Building } & 28,000 & \\\hline \text { Accumulated Depreciation - Building } & & 7,000 \\\hline \text { Store Equipment } & 6,500 & \\\hline \text { Accumulated Depreciation - Store Equipment } & & 2,500 \\\hline \text { Office Equipment } & 4,500 & \\\hline \text { Accumulated Depreciation - Office Equipment } & & 1,500 \\\hline \text { Notes Payable--Short-Term } & & 12,500 \\\hline \text { Accounts Payable } & & 16,500 \\\hline \text { Interest Payable } & & 400 \\\hline \text { Mortgage Payable } & & 26,000 \\\hline\end{array}$$

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Definitions:

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition.

Equilibrium Quantity

The amount of products or services available and sought after at the equilibrium price, where the supply meets demand in the marketplace.

Complements

Goods or services that are often used together such that an increase in demand for one leads to an increase in demand for the other.

Equilibrium Price

The cost at which consumer demand for a product matches the amount manufacturers are willing to supply.