Flower Petal Arrangements has just completed operations for the year ended Decem

Question

Flower Petal Arrangements has just completed operations for the year ended December 31, 2018 This is the third year of operations for the company. The following data have been assembiled for the business EB (Click the loon to view the assembled data of Flower Petal Amangements) (Cick the ioon to view temame statement) gok on teontoviewthe statement ofretaned earnigs.) Prepare the balance sheet of Flower Petal Anangements as of December 31, 2018. Ofabox is not usedin table leave Pd box enpey: do not solect a labe or ener a zero. Data Table Year Ended December 31, 2018 Liabilitiers Insurance Expense Service Revenue Ubiies Expense ent Expense 3,500 Salaries Expense 0,000 Accounts Payable 1.300 Office Supplies S 42,000 4,200 2,200 4,600 7,000 23,800 8.000 Dividends Common Stock 0.500 Aocounts Receivable Cash 00 Equipment Retained Eanings, January 1 2018 Print Done

Explanation / Answer

Income statement Service revenue 80000 expense Insurance expense 3500 Rent expense 8000 Utilities expense 1300 Salaries expense 42000 Total expense 54800 Net income 25200 Balance sheet Assets Cash 7000 Accounts receivable 7000 Office supplies 2200 Equipment 23800 Total assets 40000 Liabilities Accounts payable 4200 Total liabilities 4200 Stockholders equity Common stock 10500 Retained earnings (4700+25200-4600) 25300 Total stockholders equity 35800 Total liabilities and stockholders equity 40000

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