P1-5C. While Jon Lune was on a business trip, he asked Abby Simpson, the bookkeeperfor Lune Co., to try to complete a balance sheet for the year ended December 31,2022. Abby, who had been on the job only two months, submitted the following:BuildingLandNotes PayableCashL. Lune, CapitalLUNE CO.FOR THE YEAR ENDED DECEMBER 31, 2022$4460000729350075328001001600$500 4900Accounts PayableAccounts ReceivableAutoDesksTotal Equity$12760400104 337001426800682500$2500 34001.Help Abby fix and complete the balance sheet.2. What written recommendations would you make about the bookkeeper?3. Suppose that (a) Jon Lune invested an additional $20,000 in cash as well asadditional desks with a value of $8,000 and (b) Lune Co. bought a car for$6,000, paying $2,000 down and issuing a note payable for the balance.Prepare an updated balance sheet. Assume that these two transactionsoccurred on January 4 of the next year.

The financial statement that lists a company's assets, liabilities and shareholder equity at a…

P1-5C. While Jon Lune was on a business trip, he asked Abby Simpson, the bookkeeper for Lune Co., to try to complete a balance sheet for the year ended December 31, 2022. Abby, who had been on the job only two months, submitted the following: Notes Payable Cash Lune, Capital LUNE CO FOR THE YEAR ENDED DECEMBER 31, 2022 54460000 7293500 75 00 Accounts Payable Accounts Receivable Auto Desks Total Exquity 00 00 $2500 3400 1. Help Abby fix and complete the balance sheet. 2. What written recommendations would you make about the bookkeeper? 3. Suppose that (a) Jon Lune invested an additional $20,000 in cash as well as additional desks with a value of $8,000 and (b) Lune Co. bought a car for $6,000, paying $2,000 down and issuing a note payable for the balance. Prepare an updated balance sheet. Assume that these two transactions occurred on January 4 of the next year.

P1-5C. While Jon Lune was on a business trip, he asked Abby Simpson, the bookkeeper for Lune Co., to try to complete a balance sheet for the year ended December 31, 2022. Abby, who had been on the job only two months, submitted the following: Notes Payable Cash Lune, Capital LUNE CO FOR THE YEAR ENDED DECEMBER 31, 2022 54460000 7293500 75 00 Accounts Payable Accounts Receivable Auto Desks Total Exquity 00 00 $2500 3400 1. Help Abby fix and complete the balance sheet. 2. What written recommendations would you make about the bookkeeper? 3. Suppose that (a) Jon Lune invested an additional $20,000 in cash as well as additional desks with a value of $8,000 and (b) Lune Co. bought a car for $6,000, paying $2,000 down and issuing a note payable for the balance. Prepare an updated balance sheet. Assume that these two transactions occurred on January 4 of the next year.

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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Question

P1-5C. While Jon Lune was on a business trip, he asked Abby Simpson, the bookkeeper
for Lune Co., to try to complete a balance sheet for the year ended December 31,
2022. Abby, who had been on the job only two months, submitted the following:
Building
Land
Notes Payable
Cash
L. Lune, Capital
LUNE CO.
FOR THE YEAR ENDED DECEMBER 31, 2022
$4460000
7293500
7532800
1001600
$500 4900
Accounts Payable
Accounts Receivable
Auto
Desks
Total Equity
$12760400
104 33700
1426800
682500
$2500 3400
1.
Help Abby fix and complete the balance sheet.
2. What written recommendations would you make about the bookkeeper?
3. Suppose that (a) Jon Lune invested an additional $20,000 in cash as well as
additional desks with a value of $8,000 and (b) Lune Co. bought a car for
$6,000, paying $2,000 down and issuing a note payable for the balance.
Prepare an updated balance sheet. Assume that these two transactions
occurred on January 4 of the next year.

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