f. Accounts Payable g Equipment c Accounts Receivable d. Owner\'s Capital 2. Ind

Question

f. Accounts Payable g Equipment c Accounts Receivable d. Owner's Capital 2. Indicate whether each account that follows would be shown on the income state- ment (IS), the statement of owner's equity (OE), or the balance sheet (BS). a. Commissions Earned b. Automobile c. Utilities Expense e. Supplies Expense f. Accounts Payable g. Withdrawals d. Land LO3 Preparation of a Balance Sheet as of December 31, 2014. Accounts Payable Building J. Oxford, Capital 50,000 112,500 212,500 12,500 Accounts Receivable$62,500 Cash Equipment 25,000 50,000 AN02 Supplies Place the balances in proper order and prepare a balance sheet similar to the one in Exhibit 8.

Explanation / Answer

Prepare balance Sheet

ASSETS Current assets Cash 25000 Account receivable 62500 Supplies 12500 Total current assets 100000 Non current assets Building 112500 Equipment 50000 Total Non current assets 162500 TOTAL ASSETS 262500 LIABILITIES AND OWNER'S EQUITY Current Liabilities Account payable 50000 50000 Long term liabilities Owner's capital J.Oxford, capital 212500 212500 TOTAL LIABILITIES AND OWNER'S CAPITAL 262500

Related Questions

Navigate

• Browse (All)
• Browse F
• Subjects

---

---

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