Question

WCUCCICUCULUM Required Information The following information applies to the questions displayed below] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019. December 31 Cash Accounts receivable Office supplies Office equiptent Trucks Building Land Accounts payable Note payable 2018 $ 64,300 26,240 3,160 44,000 148,000 2019 5 15,640 19,100 1.968 44,00 157,00 80,000 60,000 33,500 40.000 @ 3.500 Required: 1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities Complete this question by entering your answers in the tabs below. Balance Sheet Balance Sheet 2018 2019 Prepare the balance sheet for the business as of December 31, 2018. Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities NETTLE DISTRIBUTION Balance Sheet December 31, 2018 Balance Sheet 2019 >

Answer 1

Note: Assets=Liabilities+Equity (or)

Nettle Distribution Balance Sheet December 31, 2018 Liabilities Assets $ 64,300.00 Accounts Payable 2$ Cash 3,500.00 Accounts Receivable 26,240.00 Office Supplies Trucks 3,160.00 $ 1,48,000.00 Equity Total Equity $ 2,38,200.00 (Balancing Figure) $ 2,41,700.00 Total Liabilities and Equity $ 2,41,700.00 Total Assets Nettle Distribution Balance Sheet December 31, 2019 Liabilities Assets 15,640.00 Accounts Payable $ 19,100.00 Notes Payable 24 Cash 33,500.00 Accounts Receivable Office Supplies Trucks 40,000.00 1,960.00 $ 1,57,000.00 Equity $ 80,000.00 Total Equity 2$ Building $ 2,60,200.00 60,000.00 (Balancing Figure) $ 3,33,700.00 Total Liabilities and Equity Land Total Assets $ 3,33,700.00

Equity=Assets-Liabilities

Therefore Equity balances as on December 31, 2018 and December 31, 2019 are arrived as follows

a) December 31, 2018=> $ 241,700-$ 3,500=$ 238,200

b) December 31, 2019=> $ 333,700-($ 33,500+$ 40,000)=$ 260,200