Use the following trial balance to create the liabilities section of the year-en
ID: 2490315 • Letter: U
Question
Use the following trial balance to create the liabilities section of the year-end Balance Sheet for Get Your Motor Runnin':
Get Your Motor Runnin'
Post-Closing Trial Balance
31-Dec-11
Debit
Credit
Cash
$65,500
Accounts Receivable
5,000
Allowance for Uncollectible Accounts
250
Supplies
250
Inventory
2,000
Equipment
15,000
Vehicles
35,000
Building
684,375
Land
46,875
Land Improvements
23,750
Accounts Payable
900
Salaries Payable
500
Warranties Payable
500
Notes Payable(90 day note)
2,500
Bonds Payable
450,000
Mortgage Payable
300,000
Common Stock
100,000
Retained Earnings
23,100
$877,750
$877,750
Get Your Motor Runnin'
Balance Sheet
31-Dec-11
Liabilities
Get Your Motor Runnin'
Post-Closing Trial Balance
31-Dec-11
Debit
Credit
Cash
$65,500
Accounts Receivable
5,000
Allowance for Uncollectible Accounts
250
Supplies
250
Inventory
2,000
Equipment
15,000
Vehicles
35,000
Building
684,375
Land
46,875
Land Improvements
23,750
Accounts Payable
900
Salaries Payable
500
Warranties Payable
500
Notes Payable(90 day note)
2,500
Bonds Payable
450,000
Mortgage Payable
300,000
Common Stock
100,000
Retained Earnings
23,100
$877,750
$877,750
Explanation / Answer
Balance Sheet Liabilities Section Shareholders Equity Common Stock 100000 Retained Earnings 23100 Non Current Liabilities Bonds Payable 450000 Mortgage Payable 300000 Current Liabilities Accounts Payable 900 Salaries Payable 500 warranties Payable 500 Notes Payable 2500 Total Liabilities and Shareholders Equity 877500
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