The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated Accounts Payable Accounts Receivable Cash (balance on January 1, 2021) Cash (balance on December 31, 2021) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable office Expense Prepaid Rent Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers Prepare a balance sheet for 2021. $ 59,000 36,800 116,900 98,000 136,500 0 150,700 11,500 30,900 18,600 37,600 15,700 8,400 13,300 37,100 165,800 26,500 22,000 $ 35,000 40,100 12,400 66,400 100,000 165,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
Required Information
3. Prepare a balance sheet for 2021.
Cash
Equipment
Inventory
Accounts Receivable
Prepaid Rent
Total Assets
NICE BITE, Incorporated
Balance Sheet
At December 31, 2021
Assets
Total Liabilities
Accounts Payable
Salaries and Wages Payable
Liabilities
Common Stock
Retained Earnings
Stockholders' Equity
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
25
$
$
98,000
150,700
18,600
36,800
8,400
312,500
59,000
22,000
81,000
136,500
57,400
193,900
274,900
Transcribed Image Text:Required Information 3. Prepare a balance sheet for 2021. Cash Equipment Inventory Accounts Receivable Prepaid Rent Total Assets NICE BITE, Incorporated Balance Sheet At December 31, 2021 Assets Total Liabilities Accounts Payable Salaries and Wages Payable Liabilities Common Stock Retained Earnings Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity 25 $ $ 98,000 150,700 18,600 36,800 8,400 312,500 59,000 22,000 81,000 136,500 57,400 193,900 274,900
!
Required information
[The following information applies to the questions displayed below.]
The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated
Accounts Payable
Accounts Receivable
Cash (balance on January 1, 2021)
Cash (balance on December 31, 2021)
Common Stock
Dividends
Equipment
Income Tax Expense
Interest Expense
Inventory
Notes Payable
office Expense
Prepaid Rent
Retained Earnings (beginning)
Salaries and Wages Expense
Service Revenue
Utilities Expense
Salaries and Wages Payable
Other cash flow information:
Cash from issuing common stock
Cash paid to reacquire common stock
Cash paid for income taxes
Cash paid to purchase long-term assets
Cash paid to suppliers and employees
Cash received from customers
3. Prepare a balance sheet for 2021.
< Prev
9
10
$ 59,000
36,800
116,900
98,000
136,500
0
150,700
11,500
30,900
18,600
37,600
15,700
8,400
13,300
37,100
165,800
26,500
22,000
$ 35,000
40,100
12,400
66,400
100,000
165,000
11 12
of 12
Next >
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated Accounts Payable Accounts Receivable Cash (balance on January 1, 2021) Cash (balance on December 31, 2021) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable office Expense Prepaid Rent Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers 3. Prepare a balance sheet for 2021. < Prev 9 10 $ 59,000 36,800 116,900 98,000 136,500 0 150,700 11,500 30,900 18,600 37,600 15,700 8,400 13,300 37,100 165,800 26,500 22,000 $ 35,000 40,100 12,400 66,400 100,000 165,000 11 12 of 12 Next >
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education