1. The following financial statement was prepared by Gibson Corporation's accountant. Adams Corporation Balance Sheet December 31, 2020 Liabilities and Stockholders' Equity Accounts Payable. Notes Payable. Total liabilities. Assets S 75,000 S75,000 95,000 125,000 Cash. Accounts Receivable. Inventory . Building. S 200,000 Capital Stock (15,000 shares @ $10 per share). Retained Earnings. Total stockholders' equit.. Total assets. SS00.000 S150,000 Total liabilities and stockholders' equity. Based on the above balance sheet for the Adams Corporation, what are the correct balances for the items listed below: 1. Building

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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1. The following financial statement was prepared by Gibson Corporation's accountant.
Adams Corporation
Balance Sheet
December 31, 2020
Liabilities and Stockholders' Equity
Accounts Payable.
Notes Payable.
Total liabilities
Capital Stock (15,000
shares @ $10 per share).
Retained Earnings.
Total stockholders' equity..
Assets
Cash.
S 75,000
S75,000
95,000
Accounts Receivable
Inventory
Building.
Total assets
125,000
200,000
SS00.000
$150,000
Total liabilities and
stockholders' equity..
Based on the above balance sheet for the Adams Corporation, what are the correct balances for the
items listed below:
1. Building
2. Notes Payable
3. Total liabilities and stockholders' equity
4. Total stockholders' equity
5. Retained Earnings
Transcribed Image Text:1. The following financial statement was prepared by Gibson Corporation's accountant. Adams Corporation Balance Sheet December 31, 2020 Liabilities and Stockholders' Equity Accounts Payable. Notes Payable. Total liabilities Capital Stock (15,000 shares @ $10 per share). Retained Earnings. Total stockholders' equity.. Assets Cash. S 75,000 S75,000 95,000 Accounts Receivable Inventory Building. Total assets 125,000 200,000 SS00.000 $150,000 Total liabilities and stockholders' equity.. Based on the above balance sheet for the Adams Corporation, what are the correct balances for the items listed below: 1. Building 2. Notes Payable 3. Total liabilities and stockholders' equity 4. Total stockholders' equity 5. Retained Earnings
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