below.j The accounting records of Nettle Distribution show the following assets and liabilities as of December...

 

Transcribed Image Text:

below.j 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 Year 1 Year 2 $ 46,354 $ 7,612 Accounts receivable Office supplies 25,162 3,969 19,727 2,907 Office equipment 121,839 129,781 Trucks 47,676 56,676 Building 0 158,935 Land 39,662 Accounts payable Note payable 66,150 32,809 0 98,597 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. below.j 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 Year 1 Year 2 $ 46,354 $ 7,612 Accounts receivable Office supplies 25,162 3,969 19,727 2,907 Office equipment 121,839 129,781 Trucks 47,676 56,676 Building 0 158,935 Land 39,662 Accounts payable Note payable 66,150 32,809 0 98,597 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.