PART 2 : x 46 oa-1.3 EXAM 1 213 CSecure https:/www.quia.com/quiz/810320 You have

Question

PART 2 : x 46 oa-1.3 EXAM 1 213 CSecure https:/www.quia.com/quiz/810320 You haven 00:24:"Teft w.motre Type out a Balance Sheet using the appropriate accounts fbmmr· CREDIT dollar amount for the CAPITAL ACCOUNT of Retained Earnings's that will make your Selance Sheet balance. to start your report with a proper 3-äine heading of Company Name, Report Name, and Date Also use these labels: ASSETS, Uablities, and Total Stock Owners Capital. Then finaly write down your balancing Tota Aud LIABILITIES, STOCK OWNERS' CAPITAL, Total Assets, Total Liabilities and Stock Owners' Capital This part will have to be graded manually. But you get to redo R if you want. At the end of December 31, 2020, the Wiley Coyote Company had the following balances in Cash $10,000 Accounts Receivable $20,000 Supplies $5000 Land $15,000 Equipment $5,000 Trucks $15,000 Building $100,000 Accounts Payable $1000 Notes Payable $8o00 Common Stock $71,000 Retained EarningsX777 Fees Eamed $90,000 Rent Expense $12,000 wages $22,000 Salaries $32,000 ies $5000 20 points) 2 3 4 5 6 7 3

Explanation / Answer

BALANCE SHEET Amount FIXED ASSETS Equipment $5,000 Building $1,00,000 Truck $15,000 Land $15,000 CURRENT ASSETS Accont Receivable $20,000 Cash $10,000 Supplies $5,000 Interest Receivable (Current) Inventory Prepaid Insurance TOTAL OF ASSETS $1,70,000 LIABILITIES AND ONWER'S EQUITY Amount CURRENT LIABILITIES Accoutn Payable $1,000 Note Payable $8,000 STOCK OWNER'S CAPITAL Common Stock $71,000 Retained Earnings $90,000 (Inclusive the revenue of $ 19,000 for the CY) TOTAL OF EQUITY AND LIABILITIES $1,70,000 Revenue Account Amount Amount Total Fees Earned $90,000 Less : Expenses Rent Expesnes $12,000 Wages $22,000 Salaries $32,000 Utilities $5,000 Total Expenses $71,000 Net Revenue $19,000 Transfer to Retained Earniings $19,000

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