dont give answer in image format Required informationProblem 2-5A (Static) Computing net income from equity analysis, preparing a balance sheet, andcomputing the debt ratio LO A2, P1[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 andYear 2.December 31CashAccounts receivable.office suppliesoffice equipmentTrucksBuildingLandAccounts payableNote payableYear 1$ 64,30026,2403,16044,000148,000Problem 2-5A (Static) Part 1003,5000Balance Sheet Balance SheetYear 1Year 2Year 2$ 15,64019,1001,96044,000157,00080,00060,00033,50040,000Required: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 balancesheet 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 is one of the Important Financial Statement of the Company. Balance…

Required information Problem 2-5A (Static) Computing net income from equity analysis, preparing a balance sheet, and computing the debt ratio LO A2, P1 [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 Cash Accounts receivable. office supplies office equipment Trucks Building i Land Accounts payable Note payable Year 1 $ 64,300 26,240 3,160 Problem 2-5A (Static) Part 1 44,000 148,000 Balance Sheet Balance Sheet Year 2 Year 1 0 0 3,500 0 Year 2 $ 15,640 19,100 1,960 44,000 157,000 80,000 60,000 33,500 40,000 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.

Required information Problem 2-5A (Static) Computing net income from equity analysis, preparing a balance sheet, and computing the debt ratio LO A2, P1 [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 Cash Accounts receivable. office supplies office equipment Trucks Building i Land Accounts payable Note payable Year 1 $ 64,300 26,240 3,160 Problem 2-5A (Static) Part 1 44,000 148,000 Balance Sheet Balance Sheet Year 2 Year 1 0 0 3,500 0 Year 2 $ 15,640 19,100 1,960 44,000 157,000 80,000 60,000 33,500 40,000 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.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 84.1C

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