At the end of the year, Taylor Incorporated reported the following:

• Cash, $50,000
• Accounts Payable, $35,000
• Common Shares, $80,000
• Accounts Receivable, $20,000
• Notes Payable $40,000
• Land, $100,000
• Retained Earnings, ?

Required

List all the accounts in the appropriate category (Assets, Liabilities and Shareholders’ Equity). Provide a total for each category and use the accounting equation to balance

Answer rating: 100% (QA)

Assets Cash 50000 Accounts Receivable 20000 Land 1... View the full answer