Question

A list of accounts and balances below are ending December 31, 2017 from Wesley's Machining & Welding, Inc. (WMW). Use these accounts to construct a balance sheet ending December 31, 2017. Make sure the order of the accounts on the balance sheet is listed according to the most liquid for assets and in order of payment for liabilities. Note: some of the balance sheet line items are already completed. Fill in the remaining account names and totals in the fields highlighted in the spreadsheet. Formulas have been pre-set for your convenience to use if you want.

Account	Balance
Accounts payable	$8,800
Accounts receivable	$19,000
Accumulated depreciation: Equipment	$12,000
Capital stock	$25,000
Cash	$11,000
Current portion of long-term debt	$3,300
Equipment	$65,000
Goodwill	$10,000
Income taxes payable	$5,700
Inventory	$16,000
Long-term debt	$60,000
Note payable	$5,000
Office supplies	$300
Prepaid insurance	$3,500
Retained earnings	$5,000
Unearned revenue	$12,000

Answer 1

Wesley's Machining & Welding, Inc. (WMW) Balance Sheet As of December 31, 2017 Assets Current Assets Cash Accounts Receivable Inventory Office supplies Prepaid insurance Total Current Assets 11,000 19,000 16,000 300 3,500 49,800 Property, Plant & Equipment Equipment Less: Accumulated Depreciation Equipment Property, Plant & Equipment, Net 65,000 (12,000) 53,000 Intangible Assets Goodwill Total Assets 10,000 112,800 Liabilities & Stockholders Equity Liabilities Accounts Payable Current portion of long-term debt Income taxes payable Unearned revenue Note payable Long-term debt Total Liabilties 8,800 3,300 5,700 5,000 60,000 82,800 Stockholders Equity Capital Stock Retained earnings Total Stockholders Equity Total Liabilities & Stockholders Equity 25,000 5,000 30,000 112,800