The balance sheet was as follows for Custom Ceramics on February 1, 2014: Custom Ceramics Balance...

 

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The balance sheet was as follows for Custom Ceramics on February 1, 2014: Custom Ceramics Balance Sheet February 1, 2014 Assets Cash Accounts receivable. Office Equipment. Buildings.. Land. Assets Cash Accounts receivable. Office Equipment. Buildings.. Land $7,000 5.200 Total assets.... 30,000 50,000 80.000 $172,200 Liabilities & Owners' Equity $ Liabilities: Notes payable.. Accounts payable. Total liabilities. Total assets.. During the first week of February, the following transactions occurred: * The business used cash to pay off $5,000 of its accounts payable. (No payment was made on the notes payable.) * Additional capital stock was issued to Joan Custom for $15,000 cash. * Equipment was purchased on credit for $1,800. * The business collected $4,000 cash from accounts receivable. Complete the balance sheet for Custom Ceramics as of February 8, 2014. Owners' equity: Capital stock.. Retained earnings Total liabilities Owners' equity. Custom Ceramics Balance Sheet February 8, 2014 $100,000 26,200 Liabilities & Owners' Equity Liabilities: Notes payable. Accounts payable. Total liabilities. Owners' equity: Capital stock. Retained earnings Total liabilities Owners' equity.. $ 40,000 6,000 $ 46,000 $126,200 $172,200 S S The balance sheet was as follows for Custom Ceramics on February 1, 2014: Custom Ceramics Balance Sheet February 1, 2014 Assets Cash Accounts receivable. Office Equipment. Buildings.. Land. Assets Cash Accounts receivable. Office Equipment. Buildings.. Land $7,000 5.200 Total assets.... 30,000 50,000 80.000 $172,200 Liabilities & Owners' Equity $ Liabilities: Notes payable.. Accounts payable. Total liabilities. Total assets.. During the first week of February, the following transactions occurred: * The business used cash to pay off $5,000 of its accounts payable. (No payment was made on the notes payable.) * Additional capital stock was issued to Joan Custom for $15,000 cash. * Equipment was purchased on credit for $1,800. * The business collected $4,000 cash from accounts receivable. Complete the balance sheet for Custom Ceramics as of February 8, 2014. Owners' equity: Capital stock.. Retained earnings Total liabilities Owners' equity. Custom Ceramics Balance Sheet February 8, 2014 $100,000 26,200 Liabilities & Owners' Equity Liabilities: Notes payable. Accounts payable. Total liabilities. Owners' equity: Capital stock. Retained earnings Total liabilities Owners' equity.. $ 40,000 6,000 $ 46,000 $126,200 $172,200 S S The balance sheet was as follows for Custom Ceramics on February 1, 2014: Custom Ceramics Balance Sheet February 1, 2014 Assets Cash Accounts receivable. Office Equipment. Buildings.. Land. Assets Cash Accounts receivable. Office Equipment. Buildings.. Land $7,000 5.200 Total assets.... 30,000 50,000 80.000 $172,200 Liabilities & Owners' Equity $ Liabilities: Notes payable.. Accounts payable. Total liabilities. Total assets.. During the first week of February, the following transactions occurred: * The business used cash to pay off $5,000 of its accounts payable. (No payment was made on the notes payable.) * Additional capital stock was issued to Joan Custom for $15,000 cash. * Equipment was purchased on credit for $1,800. * The business collected $4,000 cash from accounts receivable. Complete the balance sheet for Custom Ceramics as of February 8, 2014. Owners' equity: Capital stock.. Retained earnings Total liabilities Owners' equity. Custom Ceramics Balance Sheet February 8, 2014 $100,000 26,200 Liabilities & Owners' Equity Liabilities: Notes payable. Accounts payable. Total liabilities. Owners' equity: Capital stock. Retained earnings Total liabilities Owners' equity.. $ 40,000 6,000 $ 46,000 $126,200 $172,200 S S The balance sheet was as follows for Custom Ceramics on February 1, 2014: Custom Ceramics Balance Sheet February 1, 2014 Assets Cash Accounts receivable. Office Equipment. Buildings.. Land. Assets Cash Accounts receivable. Office Equipment. Buildings.. Land $7,000 5.200 Total assets.... 30,000 50,000 80.000 $172,200 Liabilities & Owners' Equity $ Liabilities: Notes payable.. Accounts payable. Total liabilities. Total assets.. During the first week of February, the following transactions occurred: * The business used cash to pay off $5,000 of its accounts payable. (No payment was made on the notes payable.) * Additional capital stock was issued to Joan Custom for $15,000 cash. * Equipment was purchased on credit for $1,800. * The business collected $4,000 cash from accounts receivable. Complete the balance sheet for Custom Ceramics as of February 8, 2014. Owners' equity: Capital stock.. Retained earnings Total liabilities Owners' equity. Custom Ceramics Balance Sheet February 8, 2014 $100,000 26,200 Liabilities & Owners' Equity Liabilities: Notes payable. Accounts payable. Total liabilities. Owners' equity: Capital stock. Retained earnings Total liabilities Owners' equity.. $ 40,000 6,000 $ 46,000 $126,200 $172,200 S S

Answer rating: 100% (QA)

Step 1 Balance Sheet Financial Position Statement It is the statement or sheet where the closing bal... View the full answer