Ask Question
BusinessBusiness
1 March, 10:17

A company has the following account balances at the end of the year.

Accounts Balances

Equipment $ 16,500

Accounts payable 1,100

Salaries expense 23,500

Common stock 11,000

Land 8,500

Notes payable 10,500

Service revenue 29,500

Cash 4,100

Retained earnings?

Required: Use only the appropriate accounts to prepare a balance sheet.

+5
Answers (1)
  1. 1 March, 12:32
    0
    Assets Liabilities

    Cash 4, 100 Account Payable 1, 100

    Equipment 16,500 Note Payable 10,500

    Land 8,500 Equity

    Common Stock 11,000

    Retained Earnings 6,500

    Total Assets 29,100 Total Liab + SE 29, 100

    Explanation:

    Retained earnings will be calculate using the accounting equation

    Assets = liab + equity

    29,100 = 1,100 + 10,500 + 11,000 + RE

    RE = 29,100 - 1,100 - 10,500 - 11,000 = 6,500
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A company has the following account balances at the end of the year. Accounts Balances Equipment $ 16,500 Accounts payable 1,100 Salaries ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The Golden Gate Bridge charges $8.20 for passenger cars and a whopping $32.80 for large trucks. Suppose that during the daytime 80% of all vehicles are passenger cars, the others are trucks, and that each car is independent of every other.
Answers (1)
Liability of foreignness is the inherent disadvantage experienced by foreign firms in host countries because of their non-native status. True / False.
Answers (1)
Security is not an issue with the use of ATMs. a. True b. False
Answers (1)
This year, FCF Inc. has earnings before interest and taxes of $10 comma 400 comma 000 , depreciation expenses of $1 comma 000 comma 000 , capital expenditures of $1 comma 900 comma 000 , and has increased its net working capital by $ 575 comma 000.
Answers (1)
Tim, a real estate investor, Ken, a dealer in securities, and Hardware, Inc., a retail lumber store, form a partnership called HKT, LP. HKT is in the home-building business.
Answers (1)
New Questions in Business
Bear Co. prepares its statement of cash flows using the indirect method. Bear sold equipment with a carrying value of $500,000 for cash of $400,000.
Answers (1)
Assume the total cost of a college education will be $345,000 when your child enters college in 18 years. You presently have $73,000 to invest.
Answers (2)
Who among the following is a manager with good time-management skills? a. Jim, who completes tasks mostly through his own efforts to ensure consistency b. Lee, who performs at least five activities at a time to increase productivity c.
Answers (1)
Joseph ray just received an inheritance of $35,775 from his great aunt. he plans to invest the funds for retirement. if joseph can earn 4.
Answers (1)
The three types of manufacturing costs in a job order costing system include
Answers (1)
Home » Business » A company has the following account balances at the end of the year. Accounts Balances Equipment $ 16,500 Accounts payable 1,100 Salaries expense 23,500 Common stock 11,000 Land 8,500 Notes payable 10,500 Service revenue 29,500 Cash 4,100 Retained
Sign Up Forgot Password?