Use the transaction information provided for Mike's Motors (the previous question) to create a balance sheet for Mike's Motors. Make sure to include every account that you used in the journal entries above. Assume they started the year with $1,000 in Cash, $400 in Accounts Receivable, $600 in Equipment, $1,000 in Accounts Payable, and $1,000 in Retained Earnings. Assets Current Assets Non-Current Assets Total Assets Liabilities Current Liabilities Non-Current Liabilities Total Liabilities Mike Motors Company Balance Sheet At December 31st, Year 1 Account Amount $?? $?? $?? $?? Shareholders' Equity Common Stock Retained Earnings Total Shareholders' Equity $?? $?? Total Liabilities and $?? $?? Shareholders' Equity
Use the transaction information provided for Mike's Motors (the previous question) to create a balance sheet for Mike's Motors. Make sure to include every account that you used in the journal entries above. Assume they started the year with $1,000 in Cash, $400 in Accounts Receivable, $600 in Equipment, $1,000 in Accounts Payable, and $1,000 in Retained Earnings. Assets Current Assets Non-Current Assets Total Assets Liabilities Current Liabilities Non-Current Liabilities Total Liabilities Mike Motors Company Balance Sheet At December 31st, Year 1 Account Amount $?? $?? $?? $?? Shareholders' Equity Common Stock Retained Earnings Total Shareholders' Equity $?? $?? Total Liabilities and $?? $?? Shareholders' Equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Use the transaction information provided for Mike's Motors (the previous question) to
create a balance sheet for Mike's Motors. Make sure to include every account that you
used in the journal entries above.
Assume they started the year with $1,000 in Cash, $400 in Accounts Receivable, $600 in
Equipment, $1,000 in Accounts Payable, and $1,000 in Retained Earnings.
Assets
Current Assets
Non-Current Assets
Total Assets
Liabilities
Current Liabilities
Non-Current Liabilities
Total Liabilities
Mike Motors Company
Balance Sheet
At December 31st, Year 1
Account
Amount
$??
$??
$??
$??
Shareholders' Equity
Common Stock
Retained Earnings
Total Shareholders' Equity
$??
$??
Total Liabilities and
$??
$??
Shareholders' Equity
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