Use the following information to complete the balance sheet of Adelphi Construction as of December 31,2014.
(1)The company was organized on January 1,2014 and has operated for the full year 2014.
(2)Earnings were $275,000 and dividends of $70,000 were paid to stockholders.
(3)Cash and accounts receivable together amount to one and one-half times as much as notes payable.

 

Transcribed Image Text:

Assets Cash Accounts receivable.. Equipment. Building. Land. Total assets. Adelphi Construction Balance Sheet December 31, 2014 85,000 96,000 250,000 184.000 Liabilities & Owners' Equity Liabilities: Notes payable Accounts payable.. Income taxes payable Total liabilities. Owners' equity: Capital stock. Retained earnings.. Total liabilities and owners' equity $ $ 40,000 $215.000 $620.000 Assets Cash Accounts receivable.. Equipment. Building. Land. Total assets. Adelphi Construction Balance Sheet December 31, 2014 85,000 96,000 250,000 184.000 Liabilities & Owners' Equity Liabilities: Notes payable Accounts payable.. Income taxes payable Total liabilities. Owners' equity: Capital stock. Retained earnings.. Total liabilities and owners' equity $ $ 40,000 $215.000 $620.000

Answer rating: 100% (QA)

Step 1 Completion of the following As per Balance sheet total of asset is equal to Total of Lia... View the full answer