Question: Below are before and after values for the asset, liability, and equity accounts contained in Ace Company's balance sheet. Click in each box within



Below are "before" and "after" values for the asset, liability, and equity accounts contained in Ace Company's balance sheet. Click in each box within the "change" column to bring up a selectable pick list. Use the pick list's drop-down menu to select the "change" applicable to each balance sheet item brought about by the indicated transaction. Many boxes will need to contain zeros. You will be done when the values in the "AFTER" column are completely green. Paid $5,000 toward settling the outstanding accounts payable balance of $25,000. BEFORE CHANGE AFTER Assets Cash 50,000 #VALUE! Accounts receivable 75,000 #VALUE! Inventories 130,000 #VALUE! Land 60,000 #VALUE! Building 145,000 #VALUE! Equipment 25,000 #VALUE! Total assets 485,000 #VALUE! Liabilities Accounts payable $ 25,000 #VALUE! Loan payable 165,000 #VALUE! Total liabilities $ 190,000 #VALUE! Stockholders' equity Capital stock 100,000 #VALUE! Retained earnings 195,000 #VALUE! Total stockholders' equity 295,000 #VALUE! Total liabilities and equity 485,000 #VALUE!
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
