The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2023 and 2022: December 31 2023 Cash Accounts receivable office supplies Trucks office equipment Land Building Accounts payable Notes payable 2022 $ 10,125 $27,000 11,675 14,750 1,900 2,500 32,000 32,000 78,500 74,000 27,500 95,000 19,500 57,500 4,000 During December 2023 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to the new building. The building and the land it occupies cost $122,500. The business paid $65,000 in cash and a note payable was signed for the balance. LeClaire had to invest $18,000 cash in the business to enable it to pay the $65,000. The business earned a profit during 2023, which enabled LeClaire to withdraw $2,000 per month from the business for personal expenses. Required: 1-a. Prepare balance sheet for the business as of the end of 2022.
The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2023 and 2022: December 31 2023 Cash Accounts receivable office supplies Trucks office equipment Land Building Accounts payable Notes payable 2022 $ 10,125 $27,000 11,675 14,750 1,900 2,500 32,000 32,000 78,500 74,000 27,500 95,000 19,500 57,500 4,000 During December 2023 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to the new building. The building and the land it occupies cost $122,500. The business paid $65,000 in cash and a note payable was signed for the balance. LeClaire had to invest $18,000 cash in the business to enable it to pay the $65,000. The business earned a profit during 2023, which enabled LeClaire to withdraw $2,000 per month from the business for personal expenses. Required: 1-a. Prepare balance sheet for the business as of the end of 2022.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
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![The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2023 and 2022:
December 31
2023
Cash
Accounts receivable
office supplies
Trucks
office equipment
Land
Building
Accounts payable
Notes payable
2022
$ 10,125
$27,000
11,675
14,750
1,900
2,500
32,000
32,000
78,500
74,000
27,500
95,000
19,500
57,500
4,000
During December 2023 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to
the new building. The building and the land it occupies cost $122,500. The business paid $65,000 in cash and a note payable was
signed for the balance. LeClaire had to invest $18,000 cash in the business to enable it to pay the $65,000. The business earned a
profit during 2023, which enabled LeClaire to withdraw $2,000 per month from the business for personal expenses.
Required:
1-a. Prepare balance sheet for the business as of the end of 2022.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5c3bc691-e323-4630-9a78-9fa174e3325e%2Fb30fdda3-137f-46a6-82bb-c78b841f3c07%2Ft3yla1k_processed.png&w=3840&q=75)
Transcribed Image Text:The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2023 and 2022:
December 31
2023
Cash
Accounts receivable
office supplies
Trucks
office equipment
Land
Building
Accounts payable
Notes payable
2022
$ 10,125
$27,000
11,675
14,750
1,900
2,500
32,000
32,000
78,500
74,000
27,500
95,000
19,500
57,500
4,000
During December 2023 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to
the new building. The building and the land it occupies cost $122,500. The business paid $65,000 in cash and a note payable was
signed for the balance. LeClaire had to invest $18,000 cash in the business to enable it to pay the $65,000. The business earned a
profit during 2023, which enabled LeClaire to withdraw $2,000 per month from the business for personal expenses.
Required:
1-a. Prepare balance sheet for the business as of the end of 2022.
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