Use the following information to complete the balance sheet of Adelphi Construction as of December 31, 2018. (1) The company was organized on January 1, 2018 and has operated for the full year 2018. (2) Earnings were $275,000 and dividends of $70,000 were paid to stockholders. (3) Cash and accounts receivable together amount to one and one-half times as much as notes payable. Adelphi Construction Balance Sheet December 31, 2018 Assets Liabilities & Owners' Equity Cash 2$ Liabilities: Notes payable Accounts payable Income taxes payable Total liabilities Owners' equity: Capital stock Retained earnings Total liabilities and Accounts receivable Equipment Building Land 85,000 96,000 250,000 184,000 $ 40,000 $215,000 Total assets owners' equity $620.000

Use the following information to complete the balance sheet of Adelphi Construction as of December 31, 2018. (1) The company was organized on January 1, 2018 and has operated for the full year 2018. (2) Earnings were $275,000 and dividends of $70,000 were paid to stockholders. (3) Cash and accounts receivable together amount to one and one-half times as much as notes payable. Adelphi Construction Balance Sheet December 31, 2018 Assets Liabilities & Owners' Equity Cash 2$ Liabilities: Notes payable Accounts payable Income taxes payable Total liabilities Owners' equity: Capital stock Retained earnings Total liabilities and Accounts receivable Equipment Building Land 85,000 96,000 250,000 184,000 $ 40,000 $215,000 Total assets owners' equity $620.000

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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