Prepare a December 31 balance sheet in proper form for Cane Property Management using the following accounts and amounts:Commissions earned……............$40,000Accounts payable………………3,500Accounts receivable…………… 5,000Common stock………………100,000Retained earnings4,500Office equipment……………….10,000Advertising expense…………. …3,200Cash……………………………. 7,500Land...............................................35,000Note payable................................. 50,000Office supplies..............................1,500Salaries expense...........................12,000Salaries payable...........................1,000Building.........................................100,000
What will be an ideal response?
| CANE PROPERTY MANAGEMENT Balance Sheet December 31 | |||
| Assets | ? | Liabilities | ? |
| Cash………………… | $ 7,500 | Accounts payable……….. | $ 3,500 |
| Accounts receivable… | 5,000 | Salaries payable………….. | 1,000 |
| Office supplies………… | 1,500 | Note payable……………… | 50,000 |
| Land………………….. | 35,000 | Total liabilities…………….. | $ 54,500 |
| Building……………… | 100,000 | Equity | ? |
| Office equipment……. | 10,000 | Common stock………… | 100,000 |
| ? | ? | Retained earnings | 4,500 |
| Total assets……………. | ________ $159,000 | Total liabilities and Equity | $159,000 |
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