Creating balance sheet with asset depreciation.pdf - ALEKS...

This preview shows page 1 - 2 out of 3 pages.

2/1/2020 ALEKS Student Name: Michael Hescock Date: 02/01/2020 Accounting Cycle Creating a balance sheet with asset depreciation On December 31, Stewart Company had the following list of account balances. Accounts Payable $46,300 Drawing $21,600 Accounts Receivable 40,300 Equipment 57,200 Accumulated Depreciation, Buildings 48,200 Prepaid Rent 21,500 Accumulated Depreciation, Equipment 17,200 Rent Expense 1,100 Beginning Capital 120,400 Salaries Expense 8,400 Buildings 116,000 Salaries Payable 2,300 Cash 51,200 Service Revenue 110,900 Depreciation Expense, Buildings 4,400 Supplies 11,000 Depreciation Expense, Equipment 10,800 Supplies Expense 1,800 Required: Prepare a balance sheet on December 31. Hint : You will need to determine the net book value for equipment and buildings. You will also need to determine ending capital. There are three main steps to completing a balance sheet. 1. Complete the assets section 2. Complete the liabilities section 3. Complete the owner's equity section
1/3

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture