Accountant/ owner of Quick Renovations, C. Cloud leave town to inspect a job site.He asked his cousin, Joseph Jordan, to prepare Quick Renovations' December 31,2018 balance sheet. His cousin had no education of accounting, but did know thatthe balance sheet had to balance, so, in order to accomplish this, he had to use aplugged figure for owner's equity. The other accounts have the correct balances, butthe totals may not be right.AssetsCashSuppliesBuildingLandSalary ExpenseAccounts PayableRent ExpenseTotal AssetsQuick RenovationsBalance SheetDecember 31, 20182,0004,50085,000120,00080,00025,00012,000328,500LiabilitiesService RevenueMortgage PayableAccounts ReceivableTotal Liabilities200,00065,00016,000281,000Owner's EquityC. Cloud, Capital47,500Total Liabilities & Owner's Equity 328,500Question:Make the correct December 31, 2018 balance sheet for Quick Renovations.

Balance sheet is the financial statement that records all the assets, liabilities and stockholders'…

Answered: Accountant / owner of Quick…

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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