2. You are given a list of accounts and amount of Suchico in the table below: Accounts Payable Accounts Receivable Building Capital Stock Cash Equipment Insurance Expense Land Notes Payable Sales Revenue Salaries Expense $61,250 -$70,500 $50,000 $50,000 $64,000 $30,000 $5,000 $125,000 $175,000 $25,000 $20,000 Questions: A. Prepare a balance sheet for the Sushico for the fiscal year ending on December 31, 3019

2. You are given a list of accounts and amount of Suchico in the table below: Accounts Payable Accounts Receivable Building Capital Stock Cash Equipment Insurance Expense Land Notes Payable Sales Revenue Salaries Expense $61,250 -$70,500 $50,000 $50,000 $64,000 $30,000 $5,000 $125,000 $175,000 $25,000 $20,000 Questions: A. Prepare a balance sheet for the Sushico for the fiscal year ending on December 31, 3019

Name: 2.You are given a list of accounts and amount of Suchico in the table
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Description: 2.You are given a list of accounts and amount of Suchico in the table below:Accounts PayableAccounts ReceivableBuildingCapital StockCashEquipmentInsurance ExpenseLandNotes PayableSales RevenueSalaries Expense$61,250$70,500$50,000$50,000$64,000$30,00

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

2.
You are given a list of accounts and amount of Suchico in the table below:
Accounts Payable
Accounts Receivable
Building
Capital Stock
Cash
Equipment
Insurance Expense
Land
Notes Payable
Sales Revenue
Salaries Expense
$61,250
$70,500
$50,000
$50,000
$64,000
$30,000
$5,000
$125,000
$175,000
$25,000
$20,000
Questions:
A. Prepare a balance sheet for the Sushico for the fiscal year ending on December 31,
2019.
B. In order to complete your balance sheet, you need to calculate the amount for
retained earnings.

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Step 1: Understanding of retained earnings and balance sheet

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