Question

The assets, liabilities, and equities of Darling Design Studio have the following balances at December 31, 2018. The retained earnings was $32,000 at the beginning of the year. At year end, common stock was $21,000 and dividends were $53,000. 

Prepare the balance sheet for Darling Design Studio as of December 31, 2018.

Answer 1

Assets		Liabilities
Cash	$        4,100	Notes Payable	$        8,700
Accounts Receivable	$        5,400	Accounts Payable	$        3,300
Office Supplies	$        4,300	Total Liabilities	$      12,000
Office Furniture	$     42,800	Stockholders' Equity
		Common Stock	$      21,000
		Retained Earnings	$      23,600
		Total Equity	$      44,600
Total Assets	$     56,600	Total Equity and Liabilities	$     56,600

If the CURRENT ASSETS and NON CURRENT ASSETS are not given as an option, enter all the assets directly without classification. In case you need help, please comment.