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 Land Accounts payable Note payable Year 1 $53,638 29,115 4,593 140,985. 55,169 Balance Sheet Balance Sheet Year 1 Year 2 0 0 76,545 0 Year 2 $ 10,222 22,827 3,364 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. Assets 150,175 64,169 183,911 45,893 37,964 129,804 Complete this question by entering your answers in the tabs below. 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 Total liabilities Liabilities $ 0

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 Land Accounts payable Note payable Year 1 $53,638 29,115 4,593 140,985. 55,169 Balance Sheet Balance Sheet Year 1 Year 2 0 0 76,545 0 Year 2 $ 10,222 22,827 3,364 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. Assets 150,175 64,169 183,911 45,893 37,964 129,804 Complete this question by entering your answers in the tabs below. 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 Total liabilities Liabilities $ 0

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Description: The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 andYear 2.December 31CashAccounts receivableOffice suppliesOffice equipmentTrucksBuildingLandAccounts payableNote payableYear 1$ 53,

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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