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 earnings………………………….….. 9,000
What will be an ideal response?
| SMOKEY RIVER SUPPLIES Balance Sheet December 31 | |||
| Assets | ? | Liabilities | ? |
| Cash…………………….. | $10,000 | Accounts payable……… | $13,000 |
| Accounts receivable…… | 8,000 | Notes payable………….. | 41,000 |
| Supplies……………….... | 12,000 | Total liabilities…………… | $54,000 |
| Equipment………………. | 35,000 | ? | ? |
| Land…………………….. | 18,000 | Equity | ? |
| ? | ? | Common stock …….. | 20,000 |
| ? | ? | Retained earnings…….. | 9,000 |
| Total assets……………. | $83,000 | Total liabilities and equity | $83,000 |
Business
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