Presented below is the balance sheet for Manhattan Family Dentistry on January 1 of the current year.
MANHATTAN FAMILY DENTISTRY Balance Sheet January 1, 20__
Assets | Liabilities & Stockholders’ Equity | ||
Cash | $ 20,000 | Liabilities: | |
Accounts receivable | 31,000 | Accounts payable Total liabilities | $ 45,000 $ 45,000 |
Land | 190,000 | ||
Building | 225,000 | Owners’ equity: Capital stock |
|
Equipment | 35,000 | 456,000 | |
|
| Total liabilities and owners’ equity | $501,000 |
Total assets | $501,000 | ||
During the first few days of January, the following transactions occurred:
Jan 2 Equipment was purchased for $38,000 on credit.
2 The business collected $16,000 of its accounts receivable and paid off $23,000 of its accounts payable.
3 The business borrowed $60,000 from the bank, giving a note payable due in 90 days.
3 Additional capital stock was issued in exchange for $27,000 cash.
Complete the following balance sheet for Manhattan Family Dentistry on January 4 of the current year.
MANHATTAN FAMILY DENTISTRY Balance Sheet January 1, 20__
Assets | Liabilities & Stockholders’ Equity | ||
Cash | $ | Liabilities: | |
Accounts receivable |
| Accounts payable Total liabilities |
|
Land |
| ||
Building |
| Owners’ equity: Capital stock |
|
Equipment |
|
| |
|
| Total liabilities and owners’ equity | $ |
Total assets | $
| ||
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