Question: please answer all three The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2024, the end of
The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2024, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventory. $25,000; equipment (net), $80,000; accounts payable, $14,000; salaries payable, $9,000; interest payable, $1,000; notes payable (due in 18 months), $30,000; common stock, $50,000. Calculate total current assets and total current liabilities that would appear in the company's year-end balance sheet. Refer to the situation described in BE 3-2. Determine the year-end balance in retained earnings for K and J Nursery, Inc. Refer to the situation described in BE 3-2. Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $140,000
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
