Street Company was formed and began business on January 1, 2016, when R. B. Street transferred merchandise

Question:

Street Company was formed and began business on January 1, 2016, when R. B. Street transferred merchandise inventory with a value of $60,000, cash of $55,000, accounts receivable of $60,000, and of $35,000. with a of $5 per share was issued to Mr.
Street. The company's was recorded at par.
Street Company's statement of cash flows for 2016 is shown below and on the next page:

INSTRUCTIONS
Based on the data supplied, prepare the December 31, 2016, balance sheet for the corporation. Analyze: Describe four adjusting entries that were made by Street Company in fiscal 2016.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...