[The following information applies to the questions displayed below] The accounting records of Nettle Distribution show...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
[The following information applies to the questions displayed below] 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 Accounts receivable Office supplies office equipment Trucks Building Land Accounts payable. Note payable Year 1 $ 46,732 25,367 4,001 122,833 48,067 0 66,690 Year 2 $7,748 19,888 2,931 130,841 57,067 160,233 39,982 33,077 100,215 Required information Complete this question by entering your answers in the tabs below. Balance Sheet Balance Sheet Year 1 Year 2 Prepare the balance sheet for the business as of December 31 for Year 1. Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. Cash Total assets Assets $ NETTLE DISTRIBUTION Balance Sheet December 31, Year 1 + Liabilities < Prev Equity Total equity 0 Total liabilities and equity 3 2 3 4 $ 7 of 8 ⠀⠀ Next > Year 1 xxxxxx Total assets Year 2 Prepare the balance sheet for the business as of December 31 for Year 2. Hint: Report only total equity on and remember that total equity equals the difference between assets and liabilities. Assets NETTLE DISTRIBUTION Balance Sheet December 31, Year 2 Total liabilities Liabilities Balance Sheet Year 1 Equity Total equity 0 Total liabilities and equity [The following information applies to the questions displayed below] 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 Accounts receivable Office supplies office equipment Trucks Building Land Accounts payable. Note payable Year 1 $ 46,732 25,367 4,001 122,833 48,067 0 66,690 Year 2 $7,748 19,888 2,931 130,841 57,067 160,233 39,982 33,077 100,215 Required information Complete this question by entering your answers in the tabs below. Balance Sheet Balance Sheet Year 1 Year 2 Prepare the balance sheet for the business as of December 31 for Year 1. Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. Cash Total assets Assets $ NETTLE DISTRIBUTION Balance Sheet December 31, Year 1 + Liabilities < Prev Equity Total equity 0 Total liabilities and equity 3 2 3 4 $ 7 of 8 ⠀⠀ Next > Year 1 xxxxxx Total assets Year 2 Prepare the balance sheet for the business as of December 31 for Year 2. Hint: Report only total equity on and remember that total equity equals the difference between assets and liabilities. Assets NETTLE DISTRIBUTION Balance Sheet December 31, Year 2 Total liabilities Liabilities Balance Sheet Year 1 Equity Total equity 0 Total liabilities and equity
Expert Answer:
Answer rating: 100% (QA)
Answer a Balance Sheet for Nettle Distribution December 31 Year 1 NETTLE DISTR... View the full answer
Related Book For
Financial Accounting Information for Decisions
ISBN: 978-1259533006
8th edition
Authors: John J. Wild
Posted Date:
Students also viewed these accounting questions
-
Milea Incorporated experienced the following events in Year 1, its first year of operations: 1. Received $14,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3....
-
48 10 points eBook Print References The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the Retained Earnings account...
-
Shake Shack Incorporated, which began as a hot dog stand in 2001, now has more than 200 locations worldwide. The following is adapted from Shake Shack's financial statements for the quarter ended...
-
How did your parents communication with you influence your self-concept?
-
What key factors determine the strategic plan for the legal organization of the business?
-
Which of the following offers the best introduction to Paragraph 4? A. NO CHANGE B. Barking and roaring C. Bark and roar D. Bark, and roaring
-
How does component-based development help reuse?
-
Table gives hypothetical export price indexes and import price indexes (1990 100) for Japan, Canada, and Ireland. Compute the commodity terms of trade for each country for the period 19902006. Which...
-
The first situation is that the initial investment only requires working capital. Suppose the payments to vendors must be settled 2 0 days after purchase, and we extend credit to customers so that...
-
Assume that you are the CEO of a major producer of potato chips. You have four plants and discover that one of the plants is more productive than the other three; specifically, the midnight to 8 a.m....
-
Matthew made the following deposits: Present - 50K, After 9 months - 60K, After 1 years the present - 30K, After 2.5 years the present - 80K and After 4 years the present - 90K. Ten years from now,...
-
If a Fixed Based Operator (FBO) charges $5 per gallon for jet fuel with a marginal cost of $4, what is the markup on cost? When Ep = 2, the optimal markup on cost is:
-
Many airlines overbook flights. Is this efficient from an airlines point of view?
-
When the price of airline tickets falls, the supply falls and the demand increases. Using the economic ideas covered in this chapter, critically evaluate this statement.
-
How were airline ticket prices set during the period of regulation? From an economic point of view, what would be the predicted outcome of setting prices in this way?
-
Why is it important that an airline manager consider opportunity costs when making economic decisions regarding the airline?
-
You are an investor who would like to create a combination by taking positions in THREE OPTIONS. The options available to you are shown on the table below. You would like the profit from this...
-
Comptech Ltd is a manufacturer of optical equipment. In September 2019, Ed Thompson the Chief Research Officer, attended a conference in Switzerland that focused on optical developments for the 21st...
-
Prepare any necessary adjusting entries at December 31, 2016, for Melbourn Company's year-end financial statements for each of the following separate transactions and events. 1. Melbourn Company...
-
The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2016, unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Use these...
-
Refer to Apple's financial statements in Appendix A to answer the following. 1. Using fiscal 2012 as the base year, compute trend percents for fiscal years 2012, 2013, and 2014 for net sales, cost of...
-
In a recent study of how mice negotiate turns, the mice ran around a circular 90 turn on a track with a radius of 0.15 m. The maximum speed measured for a mouse (mass = 18.5 g) running around this...
-
It is well known that runners run more slowly around a curved track than a straight one. One hypothesis to explain this is that the total force from the track on a runners feet the magnitude of the...
-
You are driving your car through a roundabout that has a radius of 9.0 m. Your physics textbook is lying on the seat next to you. What is the fastest speed at which you can go around the curve...
Study smarter with the SolutionInn App