Question: ilmn/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignment Session Locator=&inprogress=false eBook Show Me How Video Print Item Balance Sheet After its first month of operations, the following amounts were taken from the

ilmn/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignment Session Locator=&inprogress=false eBook Show Me How Video Print Item Balance Sheet After its first month of operations, the following amounts were taken from the accounting records of West Coast Dreams Realty Inc. as of June 30, 2019. Cash $153,700 Notes payable $101,500 Common stock 72,500 Rent expense 14,500 Dividends 29,000 Retained earnings 0 Interest expense 5,800 Salaries expense 217,500 Land 121,800 Sales commissions 420,500 Miscellaneous expense 8,700 Utilities expense 43,500 Prepare a balance sheet as of June 30, 2019. Cash Land Total assets West Coast Dreams Realty Inc. Balance Sheet June 30, 2019 Assets Liabilities Notes payable Check My Work 3 more Check My Work uses remaining 153,700 121,800 V 275,500 101.500 Previous Cash Land Total assets Notes payable West Coast Dreams Realty Inc. Balance Sheet June 30, 20Y9 Assets Liabilities Stockholders' Equity Common stock 72,500 Retained earnings 72,500 X Total stockholders' equity Total liabilities and stockholders' equity 153,700 V 121,800 V 275,500 101,500 0 x 0 x Feedback Check My Work Recall that only assets (items owned by the company), liabilities (debts owed to creditors), and stockholders' equity appear balance sheet. Check My Work 3 more Check My Work uses remaining. All work saved, Pre Save and Exit Submit Assignmen

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!