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At December 31, 2020, Simcoe Hardware Limited has cash of $13,500, receivables of $4,500, and inventory of $42,000. The company's equipment totals $112,000, and other assets amount to $13,000. Simcoe Hardware owes accounts payable of $11,000, short-term notes payable of $6,000, and also has long-term debt of $78,000. Share capital is $15,100. Prepare Simcoe Hardware Limited's balance sheet at December 31, 2020, complete with its appropriate heading. Begin by completing the heading, followed by the assets, and then liabilities and shareholders' equity sections.

At December 31, 2020, Simcoe Hardware Limited has cash of $13,500, receivables of $4,500, and inventory of $42,000. The company's equipment totals $112,000, and other assets amount to $13,000. Simcoe Hardware owes accounts payable of $11,000, short-term notes payable of $6,000, and also has long-term debt of $78,000. Share capital is $15,100. Prepare Simcoe Hardware Limited's balance sheet at December 31, 2020, complete with its appropriate heading. Begin by completing the heading, followed by the assets, and then liabilities and shareholders' equity sections.

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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< At December 31, 2020, Simcoe Hardware Limited has cash of $13,500, receivables of $4,500, and inventory of $42,000. The company's equipment totals $112,000, and other assets amount to $13,000. Simcoe Hardware owes accounts payable of $11,000, short-term notes payable of $6,000, and also has long-term debt of $78,000. Share capital is $15,100. Prepare Simcoe Hardware Limited's balance sheet at December 31, 2020, complete with its appropriate heading. Begin by completing the heading, followed by the assets, and then liabilities and shareholders' equity sections.
Transcribed Image Text:< At December 31, 2020, Simcoe Hardware Limited has cash of $13,500, receivables of $4,500, and inventory of $42,000. The company's equipment totals $112,000, and other assets amount to $13,000. Simcoe Hardware owes accounts payable of $11,000, short-term notes payable of $6,000, and also has long-term debt of $78,000. Share capital is $15,100. Prepare Simcoe Hardware Limited's balance sheet at December 31, 2020, complete with its appropriate heading. Begin by completing the heading, followed by the assets, and then liabilities and shareholders' equity sections.
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