Question

X W PE4 Stand Alone X Welcome MySAIL Th Dashboard edugen.wileyplus.com/edugen/student/mainfr.uni Assignment WileyPLUS CES CALCUL CALLise Robyn Howser is the bookkeeper for Madison Company. Robyn has been trying to determine the correct balance sheet is shown below. Assets Cash Supplies Equipment Dividends Total assets $14,000 3,000 48,000 9,000 $ 74,000 Madison Company Balance Sheet December 31, 2019 Liabilities Accounts payable Accounts receivable Common stock Retained earnings Total liabilities and stockholders' equity $15,000 (8,500) 50,000 17,500 $74,000 Prepare a correct balance sheet. (List Assets in order of liquidity.) Madison Company Balance Sheet Assets

Answer 1

Amount Assets Current $ 14,000 Cash Accounts Receivable 8,500 Supplies 2$ 3,000 $ 25,500 Total Current Assets Non Current $ 48,000 $ 48,000 Equipment Total Non Current Assets Total Assets 73,500

Liabilities & Equity Liabilities $ 15,000 $ 15,000 Accounts Payable Total liabilities Equity Common Stock Retained Earnings Less: Dividends Total Equity $ 50,000 17,500 (9,000) 58,500 $ 73,500 Total Liabilities & Equity