Requirements Presented here are the accounts of Gate City Answering Service for

Question

Requirements

Presented here are the accounts of Gate City Answering Service for the year ended December 31, 2012. Land $ 8,000 Owner investment, 2012 $ 28,000 Note payable 32,000 Accounts payable 11,000 Property tax expense 2,600 Accounts receivable 1,000 Wayne, drawing 30,000 Advertising expense 15,000 Rent expense 13,000 Building 145,200 Salary expense 65,000 Cash 3,000 Salary payable 1,300 Equipment 16,000 Service revenue 192,000 Insurance expense 2,500 Supplies 10,000 Interest expense 7,000 Waynce, capital, 12/31/2011 54,000

Requirements

3. Prepare the balance sheet.

Explanation / Answer

Asset Land $ 8,000 Supplies 10,000 Accounts receivable 1,000 Building 145,200 Cash 3,000 Equipment 16,000 Total Assets: 183,200 Liabilities Note payable 32,000 Salary payable 1,300 Accounts payable 11,000 Total Liabilities: 44,300 Equity: Waynce, capital, 12/31/2012 138,900

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.