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1-b. Prepare balance sheet for the business as of the end of 2020. LECLAIRE DELIVERY SERVICES Balance Sheet December 31, 2020 Assets Liabilities Total liabilities Equity Total assets 0 Total liabilities and equity %24 %24 %24

1-b. Prepare balance sheet for the business as of the end of 2020. LECLAIRE DELIVERY SERVICES Balance Sheet December 31, 2020 Assets Liabilities Total liabilities Equity Total assets 0 Total liabilities and equity %24 %24 %24

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1-b. Prepare balance sheet for the business as of the end of 2020. LECLAIRE DELIVERY SERVICES Balance Sheet December 31, 2020 Assets Liabilities Total liabilities Equity Total assets $ 0 Total liabilities and equity $ %24 %24 %24
Transcribed Image Text:1-b. Prepare balance sheet for the business as of the end of 2020. LECLAIRE DELIVERY SERVICES Balance Sheet December 31, 2020 Assets Liabilities Total liabilities Equity Total assets $ 0 Total liabilities and equity $ %24 %24 %24
The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2020 and 2019: December 31 2020 2019 $ 9,375 11,175 1,650 27,000 73,500 22,500 90,009 18,750 Cash $ 26, 250 Accounts receivable Office supplies 14, 250 2, 250 27,000 69,000 Trucks Office equipment Land Building Accounts payable Notes payable 3,750 52,500 During December 2020 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to the new building. The building and the land it occupies cost $112,500. The business paid $60,000 in cash and a note payable was signed for the balance. LeClaire had to invest $17,500 cash in the business to enable it to pay the $60,000. The business earned a Profit during 2020, which enabled LeClaire to withdraw $1,500 per month from the business for personal expenses. Required: 1-a. Prepare balance sheet for the business as of the end of 2019. LECLAIRE DELIVERY SERVICES Balance Sheet December 31, 2019
Transcribed Image Text:The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2020 and 2019: December 31 2020 2019 $ 9,375 11,175 1,650 27,000 73,500 22,500 90,009 18,750 Cash $ 26, 250 Accounts receivable Office supplies 14, 250 2, 250 27,000 69,000 Trucks Office equipment Land Building Accounts payable Notes payable 3,750 52,500 During December 2020 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to the new building. The building and the land it occupies cost $112,500. The business paid $60,000 in cash and a note payable was signed for the balance. LeClaire had to invest $17,500 cash in the business to enable it to pay the $60,000. The business earned a Profit during 2020, which enabled LeClaire to withdraw $1,500 per month from the business for personal expenses. Required: 1-a. Prepare balance sheet for the business as of the end of 2019. LECLAIRE DELIVERY SERVICES Balance Sheet December 31, 2019
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