Current assets cash 50320 accounts receivable 2900

Current Assets:
Cash $50,320
Accounts Receivable 2,900
Office Supplies 2,400
Prepaid Insurance 2,200
Total Current Assets $57,820
Property, Plant, and Equipment:
Land $15,000
Equipment $9,000
Less: Acc. Depr.—Equipment (150) 8,850
Total Property, Plant, and Equipment 23,850
Total Assets $81,670
The two liability categories reported on the balance sheet are current liabilities and long-term liabilities.
Current liabilities must be paid either with cash or with goods and services within one year, or within the
entity's operating cycle if the cycle is longer than a year. Accounts Payable, Salaries Payable, and
Unearned Revenue are typically classified as current liabilities. Long-term liabilities are all liabilities that
do not need to be paid within one year or within the entity's operating cycle, whichever is longer.
Recall that stockholders' equity represents the stockholders' claims to the assets of the business and is
comprised of contributed capital (in this case, Common Stock) and Retained Earnings. The Retained
Earnings on the balance sheet is transferred from the ending balance on the statement of retained
earnings. Note that the Dividends account, which was used to determine the ending Retained Earnings
balance in the statement of retained earnings, will not appear separately on the balance sheet. Go ahead
and select the labels, accounts, and subtotals to report on the liabilities and stockholders' equity section
of
Wonder'sWonder's
Quality Automotive's classified balance sheet.
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Liabilities
Current Liabilities:
Accounts Payable
Utilities Payable
Interest Payable
Unearned Revenue
Total Current Liabilities
Long-term Liabilities:
Notes Payable
Total Liabilities
Stockholders' Equity
Common Stock
Retained Earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
Complete the balance sheet by entering the account balances and calculating net equipment, total
assets, total liabilities, total stockholders' equity, and total liabilities and stockholders' equity. Note that
the ending retained earnings balance, which comes from the statement of retained earnings you
prepared above, has been entered into the statement for you. Remember that total assets must equal
total liabilities and stockholders' equity in order for the balance sheet to balance.
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Wonder's Quality Automotive
Balance Sheet
December 31, 2018
Assets
Current Assets:
Cash $50,320
Accounts Receivable 2,900
Office Supplies 2,400
Prepaid Insurance 2,200
Total Current Assets $57,820
Property, Plant, and Equipment:
Land $15,000
Equipment $9,000
Less:
Acc. Depr.
—
Equipment (150) 8,850
Total Property, Plant, and
Equipment 23,850
Total Assets $81,670
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Table...
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Liabilities
Current Liabilities:
Accounts Payable $2,600
Utilities Payable 180