The accounting records of Nettle Distribution show the following assets and liabilities as of December 31...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Cash Accounts receivable Year 2 $ 9,883 22,424 Year 1 $ 52,692 28,602 Office supplies 4,512 3,305 Office equipment 138,498 147,527 Trucks 54,196 63,196 Building 0 180,667 Land 0 45,083 Accounts payable Note payable 75,195 37,295 0 125,750 Required: 1. Prepare balance sheets for the business as of December 31 for Year 1 and for Year 2. Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. es Complete this question by entering your answers in the tabs below. Balance Sheet Balance Sheet Year 1 Year 2 Prepare the balance sheet for the business as of December 31 for Year 1. Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. NETTLE DISTRIBUTION Total assets Balance Sheet December 31, Year 1 Assets Liabilities Total liabilities Equity Total equity Total liabilities and equity The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Cash Accounts receivable Year 2 $ 9,883 22,424 Year 1 $ 52,692 28,602 Office supplies 4,512 3,305 Office equipment 138,498 147,527 Trucks 54,196 63,196 Building 0 180,667 Land 0 45,083 Accounts payable Note payable 75,195 37,295 0 125,750 Required: 1. Prepare balance sheets for the business as of December 31 for Year 1 and for Year 2. Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. es Complete this question by entering your answers in the tabs below. Balance Sheet Balance Sheet Year 1 Year 2 Prepare the balance sheet for the business as of December 31 for Year 1. Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. NETTLE DISTRIBUTION Total assets Balance Sheet December 31, Year 1 Assets Liabilities Total liabilities Equity Total equity Total liabilities and equity
Expert Answer:
Answer rating: 100% (QA)
NETTLE DISTRIBUTION Balance Sheet December 31 Year 1 Assets Cash 52692 Accounts rece... View the full answer
Related Book For
Financial Accounting Information for Decisions
ISBN: 978-1259533006
8th edition
Authors: John J. Wild
Posted Date:
Students also viewed these accounting questions
-
For the steel frame below, assume the combined factored load on this floor-bound by A1A3C3C1 is 7.65 kPa. For this question, ignore the self-weight of the framing members. Determine the load acting...
-
Oslo Manufacturing incurred $72,000 of direct materials costs, direct labor costs of $24,500, and factory overhead of $20,500. If 1,000 direct materials equivalent units and 900 conversion equivalent...
-
The following table includes transactions carried out by Ram Horn Corporation, as well as columns for each of the three categories found in the statement of cash flows: operating, financing, and...
-
What should Sharon do in this situation?
-
A rail-guided vehicle system is being planned as part of an assembly cell. The system consists of two parallel lines, as in Figure P10.8. In operation, a base part is loaded at station 1 and...
-
What is the default filename that make will process if no other is given?
-
Smoky Mountain Corporation makes two types of hiking bootsXtreme and the Pathfinder. Data concerning these two product lines appear below: The company has a traditional costing system in which...
-
Assume a simultaneous open market purchase of 100 million from the Bank of England and a repayment of a discount loan of 5 million from Bank A to the Bank of England. Show the overall change in their...
-
American Dream, is a retail and entertainment complex located in the Meadowlands Sports Complex in Rutherford, NJ. The mega-sized mall opened only a few months prior to the start of COVID in the...
-
Part 1: Compare Two Operating systems (10 points) In your XXAssign6 folder created in Assignment 1 , use Word or Writer to create a file called operating_system that describes two operating systems...
-
How do similes operate as elements of intertextuality within literary works, establishing intertextual dialogues and echoing motifs, themes, and images from other texts, thereby enriching the texture...
-
Which costs should managers be held responsible for and evaluated on their ability to manage?
-
A 110 kg motorbike carrying 50.0 kg rider coasts to a stop in a distance of 51 m. It was originally traveling 15 m/s. What was the stopping force exerted by the road on the motorbike and rider?...
-
How does the use of historical irony, wherein past events take on unforeseen significance or resonance in light of subsequent developments, challenge linear notions of historical progress and human...
-
You purchase an investment property for $150,000, make $30,000 in repairs, and then refinance the loan. You agree to a 15 year loan at 2.5% interest on the unpaid balance. What will be the amount of...
-
1) What is the movie "12 Angry Men" about? 2) How did groupthink occur and what/who took a stand against it? 3) Why is this movie relevant to Small Group Communication? 4) What did you learn from the...
-
Reread the discussion leading to the result given in (7). Does the matrix sI - A always have an inverse? Discuss.
-
Pablo Management has five part-time employees, each of whom earns $250 per day. They are normally paid on Fridays for work completed Monday through Friday of the same week. Assume that December 28,...
-
A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2016. The last two columns contain the adjusted trial balance as...
-
Lake Company's 2016 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2015 and 2016, follow. LAKE COMPANY Income Statement For Year Ended...
-
The required rate of return is 12%, and the expected rate of inflation over the life of the project is forecast to remain steady at 3%. Should you invest in this project?
-
For your answer to Problem 3.11, construct an argument as to why this selection process is useful for deciding which project is best. Now, construct a counterargument to criticize this choice. In...
-
Scoring Model. Suppose the information in Problem 3.13 was supplemented by importance weights for each of the four assessment criteria, where 1 = low importance and 4 = high importance: Assume, too,...
Study smarter with the SolutionInn App