ALEKS.pdf - ALEKS Student Name:Soraya Garcia Date...

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2/2/2020 ALEKS Student Name: Soraya Garcia Date: 02/02/2020 Accounting Cycle Creating a balance sheet with asset depreciation On December 31, Reed Company had the following list of account balances. Accounts Payable $30,800 Drawing $15,000 Accounts Receivable 50,500 Equipment 63,400 Accumulated Depreciation, Buildings 51,200 Prepaid Rent 18,000 Accumulated Depreciation, Equipment 10,600 Rent Expense 10,700 Beginning Capital 143,100 Salaries Expense 9,900 Buildings 102,000 Salaries Payable 8,700 Cash 27,700 Service Revenue 92,600 Depreciation Expense, Buildings 10,300 Supplies 23,400 Depreciation Expense, Equipment 4,400 Supplies Expense 1,700 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
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