Question

The following information is available for Cullumber Company Accounts receivable $6,270 3,810 Accounts payable $2,500 Cash 4,400 Supplies 620 Unearned service revenue Interest payable 890 43,600 Salaries and wages expense 850 Notes payable 5,200 Service revenue 32,000 Salaries and wages payable 63,800 Depreciation expense 2,820 Equipment (net) 720 Common stock 108,700 Inventory Using the information above, prepare a balance sheet as of December 31, 2022. (List assets in order of liquidity)

Answer 1

C WN 4 $ 6,270 $ 2,500 $ 3,810 $ 2,820 $108,700 $124,100 B Cullumber Company Balance Sheet as of December 31, 2022 Assets 5 Cash 6 Accounts Receivable 7 Supplies 8 Inventory 9 Equipment (net) 10 Total Assets 11 Liabilities and Stockholder's Equity 12 Current Liabilities 13 Accounts Payable $ 4,400 14 Notes Payable $32,000 15 Interest Payable $ 620 16 Salaries and wages payable $ 850 17 Unearned service revenue $ 890 18 Total Current Liabilities 19 Stockholder's Equity 20 Common Stock $ 63,800 21 Retained Earnings $21,540 22 Total Stockholder's Equity 23 Total Liabilities and Stockholder's Equity $ 38,760 $ 85,340 $ 124,100 24

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