Can you reply these balance sheets? 1.The following accounts and balances were taken from the financial statements of r@ktasInc. Prepare a classified balance sheet as of December 31,2018.$ 15,000$ 75,000$ 40.000$ 80.000$ 5.000$ 120,000$ 43,000Bank creditCashShort-term investmentsAccounts payableProperty&EquipmentRetained earningsInventoryCapitalPrepaid insurance$ 12,000r@ktas Inc.Balance Sheetat December 31,2020 Use the following accounts;CashForeign exchange gainForeign exchange lossCapitalBankShort-term investmentsLoss on sale of short-term investmentGain on sale of short-term investmentRA established his own company, r@ktas Co. The following transactions are the events thatoccurred during December 2018, the company's first month:Date12/1The owner invested $ 200,000 cash for capital.12/5r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro(Exchange rate was 1 Euro= 1,5 Dollar)12/10The Company purchased short-term investment with cash for $2,500.12/18The Company sold short-term investment with cash for $2.000Note:Exchange rate was 1 Euro= 1,4 Dollar at the end of the period.Requirements:1- Give the journal entry for each transaction.2- Post each transaction to T accounts.

Balance sheet: A Balance sheet is a statement that shows the assets and liabilities held by a…

Answered: 1.The following accounts and balances…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Can you reply these balance sheets?

1.The following accounts and balances were taken from the financial statements of r@ktas
Inc. Prepare a classified balance sheet as of December 31,2018.
$ 15,000
$ 75,000
$ 40.000
$ 80.000
$ 5.000
$ 120,000
$ 43,000
Bank credit
Cash
Short-term investments
Accounts payable
Property&Equipment
Retained earnings
Inventory
Capital
Prepaid insurance
$ 12,000
r@ktas Inc.
Balance Sheet
at December 31,2020

Use the following accounts;
Cash
Foreign exchange gain
Foreign exchange loss
Capital
Bank
Short-term investments
Loss on sale of short-term investment
Gain on sale of short-term investment
RA established his own company, r@ktas Co. The following transactions are the events that
occurred during December 2018, the company's first month:
Date
12/1
The owner invested $ 200,000 cash for capital.
12/5
r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro
(Exchange rate was 1 Euro= 1,5 Dollar)
12/10
The Company purchased short-term investment with cash for $2,500.
12/18
The Company sold short-term investment with cash for $2.000
Note:
Exchange rate was 1 Euro= 1,4 Dollar at the end of the period.
Requirements:
1- Give the journal entry for each transaction.
2- Post each transaction to T accounts.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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