In alphabetical order below are balance sheet items for Karol Company at December 31, 2017. Prepare a

Question:

In alphabetical order below are balance sheet items for Karol Company at December 31, 2017. Prepare a balance sheet following the information given below:

Accounts payable ...........................$65,000

Accounts receivable ........................ 71,000

Cash .......................................... 22,000

Common stock .............................. 18,000

Retained earnings ........................... 10,000

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...