Question

REQUIRED: Homework Chapter 26 Help Sal Squirrel Tree Services reports the following amounts on December 31 Assets Cash Supplies Prepaid insurance Building Liabilities and Stockholders' Equity $ 8,200 Accounts payable $ 11,200 2,300 Salaries payable 4,000 4,000 Notes payable 25.000 77,000 Common stock 40,000 Retained earnings 11.300 points Skloped References In addition, the company reported the following cash flows. Cash Inflows Customers Borrow from the bank (note) Sale of investments Cash Outflows $70,000 Employee salaries 25,000 Supplies 17500 Dividends Purchase building $ 27,000 9,000 9.000 72,000 Required: 1. Prepare a balance sheet. < Prev 2 of 7 Next > MacBook Pro

Answer 1

Answer
Balance Sheet
Assets	Amount	Liabilities and Stockholder's Equity	Amount
Current Assets		Current Liabilities
Cash	$       8,200	Accounts payable	$      11,200
Supplies	$       2,300	Salaries payable	$        4,000
Prepaid insurance	$       4,000
Total Current Assets	$     14,500	Total Current Liabilities	$      15,200
Property, plant and equipment, Building	$     77,000	Long term liabilities
		Notes payable	$      25,000
		Stockholder's Equity
		Common Stock	$      40,000
		Retained earnings	$      11,300
Total Property, Plant and Equipment	$     77,000	Total Stockholder's Equity	$      76,300
Total Assets	$     91,500	Total Liabilities and Stockholder's Equity	$      91,500