Felix Company has just completed operations for the year ended December 31, 2016
ID: 2432889 • Letter: F
Question
Felix Company has just completed operations for the year ended December 31, 2016. This is the second year of operations for the company. The following data have been assembled for the business.
Accounts Payable
$ 12,200
Office Expense
$ 6,500
Accounts Receivable
14,500
Rent Expense
9,600
Cash
8,200
Retained Earnings, Jan. 1, 2016
8,300
Common Stock
9,000
Salaries Expense
36,000
Dividends
13,500
Service Revenue
84,000
Equipment
15,000
Utilities Expense
6,200
Insurance Expense
4,000
Prepare the balance sheet. Use a proper heading.
Accounts Payable
$ 12,200
Office Expense
$ 6,500
Accounts Receivable
14,500
Rent Expense
9,600
Cash
8,200
Retained Earnings, Jan. 1, 2016
8,300
Common Stock
9,000
Salaries Expense
36,000
Dividends
13,500
Service Revenue
84,000
Equipment
15,000
Utilities Expense
6,200
Insurance Expense
4,000
Explanation / Answer
Balance sheet :
Assets Current assets Cash 8200 Account receivable 14500 Total current assets 22700 Non Current assets Equipment 15000 Total Assets 37700 Liabilities and stockholder's equity Current liabilities Account payable 12200 Long term liabilities Total liabilities 12200 Stockholder's equity Common Stock 9000 Retained earnings 16500 Total stockholder's equity 25500 Total liabilities and stockholder's equity 37700Related Questions
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