Question

We Question 1, Comprehensive Problem 4-1 (book/static) I QU Miller Delivery Service completed the following transactions during December 2016: (Click the icon to view the transactions.) Read the requirements Prepare Miller Delivery Service's classified balance sheet on December 31, 2016. (Exclude any zero balance accounts from the balance sheet.) Review the Balance Sheet columns of the worksheet completed in Requirement 4. Miller Delivery Service Balance Sheet December 31, 2016 Assets

Answer 1

$ 25,100 Miller Delivery Service Balance Sheet December 31, 2016 Assets Current Assets: Cash $ 22,900 Accounts Receivable $ 1,350 Office Supplies $ 100 Prepaid Insurance $ 750 Total Current Assets Non-Current Assets: Truck $ 20,000 Less: Acc. Dep.-Truck $ -250 Total Non-Current Assets Total Assets Liabilities and Stockholders' Equity Liabilities Current Liabilities: Salaries Payable $ 1,000 Unearned Revenue $ 500 Total Current Liabilities Total Liabilities Stockholders' Equity Common Stock $ 30,000 Retained Earnings $ 13,350 Total Stockholders' Equity Total Liabilities & Stockholders' Equity $ 19,750 $ 44,850 $ $ 1,500 1,500 $ 43,350 $ 44,850 Retained Earnings = Net Income - Dividends = 16,350 - 3,000 = $ 13,350