Question

Sheridan Company, a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2020. Revenues during 2020-camping fees Revenues during 2020-general store Accounts payable Cash on hand Original cost of equipment Fair value of equipment $156,800 52,640 12,320 22,400 118,160 156,800 Notes payable Expenses during 2020 Supplies on hand Common stock Retained earnings $67,200 168,000 2,800 22,400 ? (b) Prepare a balance sheet for Sheridan Company as of December 31, 2020. (List Assets in order of liquidity.) Sheridan Company Balance Sheet V Assets $ Liabilities and Stockholders' Equity $ $ ✓ Current Assets Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Attempts: 0 of 3 used Submit Answer

Answer 1

156800 156800 22400 2800 25200 182000 Sheridan Company Balance Sheet Assets Non Current Assets Property Plant & Equipments Current Assets Cash on Hand Supplies on hand Total Assets Liabilities and Stockholders Equity Stockholders Equity Common Stock Retained Earning(N-1) Long Term Liabilities Notes Payable Current Liabilities Accounts Payable Total Liabilities 22400 80080 102480 67200 67200 123201 12320 1820001

N-1 Statement of Profit & Loss 156800 52640 209440 Revenue Revenue from Camping fees Revenue from General Store Total Revenue(A) Expenses General Expenses Total Expenses(B) Net Income(C=A-B) Less 168000 168000 41440 Statement of Other Comprehensive Income Increase in Fair Value of Assets Other Comprehensive Income(D) 38640 38640 Amount Transferred to Retained Earnings(C+D) 80080