1. Prepare balance sheets for the business as of December 31 for Year 1 and for...

 

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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 baland sheet and remember that total equity equals the difference between assets and liabilities. December 31 Cash Accounts receivable office supplies office equipment Trucks Building Land Accounts payable Note payable Year 1 $ 64,300 26,240 3,160 44,000 148,000 0 0 3,500 0 Year 2 $ 15,640 19,100 1,960 44,000 157,000 80,000 60,000 33,500 40,000 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 baland sheet and remember that total equity equals the difference between assets and liabilities. December 31 Cash Accounts receivable office supplies office equipment Trucks Building Land Accounts payable Note payable Year 1 $ 64,300 26,240 3,160 44,000 148,000 0 0 3,500 0 Year 2 $ 15,640 19,100 1,960 44,000 157,000 80,000 60,000 33,500 40,000

Answer rating: 100% (QA)

Non Current Assets Land Buildings Trucks Office equipment Current Assets Cash Accounts receiva... View the full answer