In alphabetical order below are balance sheet items for Karol Company at December 31, 2025. Prepare a balance sheet following the format of Illustration 1.8.

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

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

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

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

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

Data from Illustration 1.8

Transcribed Image Text:

Cash Accounts receivable Supplies Prepaid insurance Equipment, net Total assets Liabilities Notes payable Accounts payable Unearned service revenue Salaries and wages payable Interest payable Total liabilities Stockholders' equity Common stock Sierra Corporation Balance Sheet October 31, 2025 Liabilities and Stockholders' Equity Assets Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 5,000 2,500 800 1,200 50 10,000 2,360 $15,200 200 1,000 550 4,960 $21,910 $ 9,550 12,360 $21,910