Current Assets Cash 50320 Accounts Receivable 2900 Office Supplies 2400 Prepaid

Current assets cash 50320 accounts receivable 2900

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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. LOADING... (Click
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the icon to view the Balance Sheet columns of the worksheet completed in Requirement 5.) Save Accounting Table... + Copy to Clipboard... + 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. LOADING... (Click the icon to view the Balance Sheet columns of the worksheet completed in Requirement 5.) Save Accounting Table... + Copy to Clipboard... +
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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 Save Accounting Table... + Copy to Clipboard... + Liabilities Current Liabilities: Accounts Payable $2,600 Utilities Payable 180
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  • Fall '10
  • MANAGE
  • Balance Sheet, Revenue, Generally Accepted Accounting Principles, office supplies

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