December 31 Cash #MANI$ Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Year 1 53,638 29,115 4,593 Balance Sheet Balance Sheet Year 1 Year 2 140,985 55,169 0 0 76,545 0 Assets Year 2 $ 10,222 22,827 3,364 150,175 64,169 183,911 Required: 1. Prepare balance sheets for the business as of December 31 for Year 1 and for Year 2. Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. 45,893 37,964 129,804 Complete this question by entering your answers in the tabs below. Prepare the balance sheet for the business as of December 31 for Year 2. Hint: [Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. NETTLE DISTRIBUTION Balance Sheet December 31, Year 2 Total liabilities Liabilities Equity $ 0

December 31 Cash #MANI$ Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Year 1 53,638 29,115 4,593 Balance Sheet Balance Sheet Year 1 Year 2 140,985 55,169 0 0 76,545 0 Assets Year 2 $ 10,222 22,827 3,364 150,175 64,169 183,911 Required: 1. Prepare balance sheets for the business as of December 31 for Year 1 and for Year 2. Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. 45,893 37,964 129,804 Complete this question by entering your answers in the tabs below. Prepare the balance sheet for the business as of December 31 for Year 2. Hint: [Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. NETTLE DISTRIBUTION Balance Sheet December 31, Year 2 Total liabilities Liabilities Equity $ 0

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

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

December 31
Cash
Accounts receivable
Office supplies
Office equipment
Trucks
Building
Land
Accounts payable
Note payable
Year 1
$ 53,638
Balance Sheet Balance Sheet
Year 1
Year 2
29, 115
4,593
140,985
55,169
0
0
76,545
0
Assets
Year 2
$ 10,222
22,827
3,364
150, 175
Required:
1. Prepare balance sheets for the business as of December 31 for Year 1 and for Year 2. Hint: Report only total equity on the balance
sheet and remember that total equity equals the difference between assets and liabilities.
64,169
183,911
45,893
37,964
129,804
Complete this question by entering your answers in the tabs below.
Prepare the balance sheet for the business as of December 31 for Year 2. Hint: Report only total equity on the balance sheet
and remember that total equity equals the difference between assets and liabilities.
NETTLE DISTRIBUTION
Balance Sheet
December 31, Year 2
Total liabilities
Liabilities
Equity
$
0

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