Question

C m ybusinesscourse.com/platform/mod/quiz/attempt.php?attempt3239627&cmid=20414184 Business Course *Return to course Question 6 Not complete Marked out of 3.00 P Flag question Balance Sheet The following balance sheet data are for Normandy Catering Service, a corporation at May 31, 2016: Accounts Receivable $18,200 Accounts payable $5,500 Notes Payable 20,000 Cash 12,200 Equipment, net 55,000 Common Stock 43,000 Supplies 16,400 Retained Earnings ? Required Prepare a balance sheet for Normandy as of May 31, 2016. NORMANDY CATERING SERVICE Balance Sheet May 31, 2016 ASSETS Supplies Equipment, net Total Assets LIABILITIES Accounts Payable Type here to search

Answer 1

Balance sheet of NORMANDY CATERING SERVICE as on May 31, 2016 Assets Amounts Current assets Cash $12,200 Accounts receivable $18,200 Supplies $16.400 Total current assets $46,800 Equipment, net $55,000 Total Assets $101.800 $5,500 $20.000 $25,500 Liabilities Accounts payable Notes payable Total liabilities Stockholder's equity Common stock Retained earnings Total stockholder's equity Total liabilities and stockholder's equity (Note - 2) (Note -1) $43.000 $33.300 $76.300 $101.800 Note : 1 - Total stockholder' equity = Total assets - Total liabilities = $101,800 - $25,500 = $76,300 2 - Retained earnings = Total stockholder's equity - Common stock = $76,300 - $43,000 = $33,300