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Question 6

Question 6

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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Question 6
ter 02 Saved 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. Complete this question by entering your answers in the tabs below. Balance Sheet Balance Sheet Year 2 Year 1 Prepare the balance sheet for the business as of December 31 for Year 1. 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 1 Liabilities Assets Total liabilities Equity Total equity 0. 2$ 0 Total liabilities and equity Total assets Balance Sheet Year 2 > < Balance Sheet Year 1
Transcribed Image Text:ter 02 Saved 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. Complete this question by entering your answers in the tabs below. Balance Sheet Balance Sheet Year 2 Year 1 Prepare the balance sheet for the business as of December 31 for Year 1. 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 1 Liabilities Assets Total liabilities Equity Total equity 0. 2$ 0 Total liabilities and equity Total assets Balance Sheet Year 2 > < Balance Sheet Year 1
Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Year 1 Year 2 $ 51,935 28,191 4,447 136,509 53,418 $ 9,612 22,102 3,257 Cash Accounts receivable Office supplies Office equipment Trucks 145,408 62,418 178,072 44,436 36,759 122,508 Building Land 74,115 Accounts payable Note payable 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. Complete this question by entering your answers in the tabs below. Balance Sheet Balance Sheet Year 2 Year 1 Hlea balance sheet
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Year 1 Year 2 $ 51,935 28,191 4,447 136,509 53,418 $ 9,612 22,102 3,257 Cash Accounts receivable Office supplies Office equipment Trucks 145,408 62,418 178,072 44,436 36,759 122,508 Building Land 74,115 Accounts payable Note payable 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. Complete this question by entering your answers in the tabs below. Balance Sheet Balance Sheet Year 2 Year 1 Hlea balance sheet
Expert Solution
Step 1

Assets

Assets are resources that are controlled which results from prior transactions that are expected to generate economic benefits in the future.
Assets are classified as current assets and non-current assets.

Liabilities

Liabilities are accumulated financial obligations that result from past events that are expected to require an economic outflow of resources,

Equity

The equity is equal to assets minus liabilities. Equity is also known as stockholder's equity or owner's equity.

Assets = Liabilities + Equity

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