Question

U1 A220 BCDEFGHIJ Module 3 Assignment: Prepare the statement of retained earnings and balance sheet for Ma and Pa Calculate the current ratio for the year. Sales Revenue Equipment Accounts Payable Sales Discounts Advertising Expense Interest Expense Wages Payable Accounts Receivable Building Common Stock Sales returns and Allownaces Utilities Expense Inventory Commission Expense Cost of goods sold Accumulated depreciation equipment Unearned sales revenue Prepaid Rent Office salaries expense Accumulated depreciation-building Rent Expense Dividends 322,800 104,000 16,500 2,200 12,600 1,700 1,600 6,900 140,000 35,000 6,700 10,300 16,400 22,300 158,400 26,400 2,500 1,200 52,000 40.500 5,800 14,000 M3 Assignment Mo Ready

need help with balancing.Not sure what i did wrong and question 1

i did send everything i have

Answer 1

Ma and Pa Grocery
Balance Sheet
12/31/20XX
Assets			Liabilities
Current Asset:-			Current Liabilties:-
Cash	7,800		Accounts payable	16,500
Account Receivable	6,900		Wages payable	1,600
Supplies	600		Unearned Revenue	2,500
Prepaid Rent	1,200
Inventory	16,400
Total Current Asset		32,900	Long term Liability
Fixed Asset:			Morgagte payment	37,000
Equipment	1,04,000		Total Liability	57,600
Less: Accumulated Depreciation	-26,400	77,600
Building	1,40,000		Stakeholder Equity
Less: Accumulated Depreciation	-40,500	99,500	Common stock	35,000
			Retained Earning	1,17,400
Total Asset		2,10,000	Total Liability and equity	2,10,000

Current Ratio= 32,900/20,600= 1.60:1