k Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $60,025 cash...

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k Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $60,025 cash to start the business and received 4,900 shares. The store completed its first year of operations on December 31, 2020. On that date, the following financial items for the year were determined: cash on hand and in the bank, $52,450; amounts due from customers from sales of books, $32,750; property and equipment, $68,250; amounts owed to publishers for books purchased, $10,700; one-year note payable to a local bank for $6,900. No dividends were declared or paid to the shareholders during the year. Required: 1. Complete the balance sheet at December 31, 2020: 1 nces Cash Property and equipment Accounts receivable Total assets READER DIRECT Balance Sheet At December 31, 2020 Assets Liabilities $ 52,450 Accounts payable $ 10,700 68,250 Note payable 6,900 32,750 Total liabilities 17,600 Shareholders' equity Retained earnings 140,750 Total shareholders' equity 140,750 $ 153,450 Total liabilities & shareholders' equity $ 158,350 k Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $60,025 cash to start the business and received 4,900 shares. The store completed its first year of operations on December 31, 2020. On that date, the following financial items for the year were determined: cash on hand and in the bank, $52,450; amounts due from customers from sales of books, $32,750; property and equipment, $68,250; amounts owed to publishers for books purchased, $10,700; one-year note payable to a local bank for $6,900. No dividends were declared or paid to the shareholders during the year. Required: 1. Complete the balance sheet at December 31, 2020: 1 nces Cash Property and equipment Accounts receivable Total assets READER DIRECT Balance Sheet At December 31, 2020 Assets Liabilities $ 52,450 Accounts payable $ 10,700 68,250 Note payable 6,900 32,750 Total liabilities 17,600 Shareholders' equity Retained earnings 140,750 Total shareholders' equity 140,750 $ 153,450 Total liabilities & shareholders' equity $ 158,350