Prepare a December 31 balance sheet in proper form for Smokey River Supplies from the following list of the accounts:Cash………………………….…………….........$10,000Accounts receivable……………………………..8,000Supplies………………………………………….12,000Equipment……………………………………..35,000Land……………………………………..............18,000Accounts payable……………………………..13,000Notes payable……………………………….….41,000Common stock………………………….…..20,000Retained earnings9,000

What will be an ideal response?



SMOKEY RIVER SUPPLIES
Balance Sheet
December 31
Assets ?Liabilities?
Cash……………………..$10,000Accounts payable………$13,000
Accounts receivable……8,000Notes payable…………..41,000
Supplies………………....12,000Total liabilities……………$54,000
Equipment……………….35,000??
Land……………………..18,000Equity?
??Common stock……..20,000
??Retained earnings9,000

Total assets…………….

$83,000
Total liabilities and
equity…………………….

$83,000

Business

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