Question

connect The following information applies to the questions displayed below.] Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On December 31, the company's records show the following selected accounts and amounts for the month of December, $ Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock 25.460 Dividends 22,510 Consulting revenue 5.380 Rent expense 20.160 Salaries expense 44,130 Telephone expense 10.370 Miscellaneous expenses 103.300 6.130 27,130 9,690 5,710 1010 620 8. Award: 5.00 points Use the above information to prepare a December 31 balance sheet for Help Today. HELP TODAY Balance Sheet As of December 31 Assets: Liabilities: Cash $ 25,460 Accounts payable $ 10.370 Accounts receivable 22.510 Office supplies 5,380 Equity: Land 44,130 Common stock 103,300 Office equipment 20,160 Retained earnings 92.930 References

Answer 1

Answer: Balance sheet is a statement of financial position of an organization which shows what company owns and owes on a specific date . Balance sheet Help Today As of December 31 Assets Ampeertel Liabilities & Equity Amount's Assets: Liabilities - Cash 25,460 Accounts Payable 10.370 Accounts Receivable 22,510 Equity - Office Supplies 5,380 Common stock Land 103,300 44,130 Office Equipment 20,160. (WNB) Retained farming 3,970 117,640 117,640

WNI- for calculating balance of Retained earning $0 $lolvo Retained Earning on Dec ! (+) Net Income (WN2) (-) Dividends Retained farnings on Dec 31 ($6130) $3970 WN2- Net Income can be calculated by preparing Income statement Income Statement 27,130 Revenues -". Consulting Revenue (-) Expenses Rent Expense salaries Expense Telephone Expense miscellaneous expense (9690) (5710) (1010) (620) Net Income $ 10, 100

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