Tables for 2018 and 2019 need to be filled in. b-3. Prepare a year-end balance sheet for each year accounting period.Complete this question by entering your answers in the tabs below.Bal SheetBal Sheet20182019Prepare a year-end balance sheet for the year 2018.MARK'S CONSULTINGBalance SheetAs of December 31, 2018AssetsTotal assets$LiabilitiesTotal liabilities$Stockholders' EquityTotal stockholders' equityTotal liabilities and stockholders' equity$< Bal Sheet 2018Bal Sheet 2019 > Required information[The following information applies to the questions displayed below.]Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that alltransactions involve the receipt or payment of cash.Transactions for 20181. Acquired $85,000 by issuing common stock.2. Received $135,000 cash for providing services to customers.3. Borrowed $22,000 cash from creditors.4. Paid expenses amounting to $53,000.5. Purchased land for $35,000 cash.Transactions for 2019Beginning account balances for 2019 are:$154,00035,00022,00085,00082,000CashLandNotes payableCommon stockRetained earnings1. Acquired an additional $27,000 from the issue of common stock.2. Received $137,000 for providing services.3. Paid $17,000 to creditors to reduce loan.4. Paid expenses amounting to $68,000.5. Paid a $11,500 dividend to the stockholders.6. Determined that the market value of the land is $45,000.

Answered: Prepare a year-end balance sheet for…

Business

Accounting

Prepare a year-end balance sheet for each year accounting period.

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

Tables for 2018 and 2019 need to be filled in.

Required information
[The following information applies to the questions displayed below.]
Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all
transactions involve the receipt or payment of cash.
Transactions for 2018
1. Acquired $85,000 by issuing common stock.
2. Received $135,000 cash for providing services to customers.
3. Borrowed $22,000 cash from creditors.
4. Paid expenses amounting to $53,000.
5. Purchased land for $35,000 cash.
Transactions for 2019
Beginning account balances for 2019 are:
$154,000
35,000
22,000
85,000
82,000
Cash
Land
Notes payable
Common stock
Retained earnings
1. Acquired an additional $27,000 from the issue of common stock.
2. Received $137,000 for providing services.
3. Paid $17,000 to creditors to reduce loan.
4. Paid expenses amounting to $68,000.
5. Paid a $11,500 dividend to the stockholders.
6. Determined that the market value of the land is $45,000.

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