Clear Water Co. reports the following balance sheet accounts as of December 31. Buildings Accounts receivable Land Merchandise inventory Accounts payable Cash Notes payable (due in 7 years) office supplies O.Water, Capital Wages payable Current assets 4 Total current assets Plant assets Total plant assets Total assets Current liabilities Total current liabilities Long-term liabilities Total liabilities Total liabilities and equity Clear Water Co. Balance Sheet December 31 Assets Liabilities Equity $70,000 3,800 29,000 10,600 6,800 11,600 66,000 4,600 52,000 4,800 $ $ $ 0 0 0 0 0 0
Clear Water Co. reports the following balance sheet accounts as of December 31. Buildings Accounts receivable Land Merchandise inventory Accounts payable Cash Notes payable (due in 7 years) office supplies O.Water, Capital Wages payable Current assets 4 Total current assets Plant assets Total plant assets Total assets Current liabilities Total current liabilities Long-term liabilities Total liabilities Total liabilities and equity Clear Water Co. Balance Sheet December 31 Assets Liabilities Equity $70,000 3,800 29,000 10,600 6,800 11,600 66,000 4,600 52,000 4,800 $ $ $ 0 0 0 0 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Clear Water Co. reports the following balance sheet accounts as of December 31.
Buildings
Accounts receivable
Land
Merchandise inventory
Accounts payable
Cash
Notes payable (due in 7 years)
office supplies
O.Water, Capital
Wages payable
Current assets
Total current assets
Plant assets
Total plant assets
Total assets
Current liabilities
Total current liabilities
Long-term liabilities
Total liabilities
Total liabilities and equity
Clear Water Co.
Balance Sheet
December 31
Assets
Liabilities
Equity
$70,000
3,800
29,000
10,600
6,800
11,600
66,000
4,600
52,000
4,800
$
$
$
$
0
0
0
0
0
0
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