The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc.

Accounts Payable$53,000 Accounts Receivable 30,800 Cash (balance on January 1, 2016) 108,900 Cash (balance on December 31, 2016) 93,000 Common Stock 149,000 Dividends 0 Equipment 144,700 Income Tax Expense 10,900 Interest Expense 30,300 Inventory 18,000 Notes Payable 30,900 Prepaid Rent 7,800 Office Expense 15,100 Retained Earnings (beginning) 10,300 Salaries and Wages Expense 36,500 Service Revenue 153,800 Utilities Expense 25,900 Salaries and Wages Payable 16,000

Other cash flow information: Cash from issuing common stock$29,000 Cash paid to reacquire common stock 32,900 Cash paid for income taxes 11,800 Cash paid to purchase long-term assets 60,400 Cash paid to suppliers and employees 92,800 Cash received from customers 153,000

Make a balance sheet for 2016.

Question

Business

Cherish Erickson

2 January, 13:15

The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc.

Accounts Payable$53,000 Accounts Receivable 30,800 Cash (balance on January 1, 2016) 108,900 Cash (balance on December 31, 2016) 93,000 Common Stock 149,000 Dividends 0 Equipment 144,700 Income Tax Expense 10,900 Interest Expense 30,300 Inventory 18,000 Notes Payable 30,900 Prepaid Rent 7,800 Office Expense 15,100 Retained Earnings (beginning) 10,300 Salaries and Wages Expense 36,500 Service Revenue 153,800 Utilities Expense 25,900 Salaries and Wages Payable 16,000

Other cash flow information: Cash from issuing common stock$29,000 Cash paid to reacquire common stock 32,900 Cash paid for income taxes 11,800 Cash paid to purchase long-term assets 60,400 Cash paid to suppliers and employees 92,800 Cash received from customers 153,000

Make a balance sheet for 2016.

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Maximo Hatfield · Answer 1

Hi there!

Assets Liabilities

Cash $93,000 Accounts Payable $53,000

Accounts Receivable $30,800 Salaries and Wages Payable $16,000

Inventory $18,000 Notes Payable $30,900

Equipment $144,700 Total Liabilities $99,900

Stockholders' equity

Common Stock $149,000

Retained Earnings $10,300

Net Income $27,300

Total stockholders' equity $186,600

Total Assets $286,500 Total Liabilities and $286,500

stockholdes' equity

Explanation:

First, we make the Income Statement and determine the Net Income.

That is the data that we must find out in order to complete the balance sheet.

Income Statement

Service Revenue $153,800

Deduct expenses

Salaries and Wages $36,500

Prepaid Rent $7,800

Office $15,100

Utilities $25,900

Interest $30,300

Income Tax $10,900

Net Income $27,300