Question
A list of accounts and balances below are ending December 31, 2017 from Wesley's Machining & Welding, Inc. (WMW). Use these accounts to construct a
A list of accounts and balances below are ending December 31, 2017 from Wesley's Machining & Welding, Inc. (WMW). Use these accounts to construct a balance sheet ending December 31, 2017. Make sure the order of the accounts on the balance sheet is listed according to the most liquid for assets and in order of payment for liabilities. Note: some of the balance sheet line items are already completed. Fill in the remaining account names and totals in the fields highlighted in the spreadsheet. Formulas have been pre-set for your convenience to use if you want.
| Account | Balance |
| Accounts payable | $8,800 |
| Accounts receivable | $19,000 |
| Accumulated depreciation: Equipment | $12,000 |
| Capital stock | $25,000 |
| Cash | $11,000 |
| Current portion of long-term debt | $3,300 |
| Equipment | $65,000 |
| Goodwill | $10,000 |
| Income taxes payable | $5,700 |
| Inventory | $16,000 |
| Long-term debt | $60,000 |
| Note payable | $5,000 |
| Office supplies | $300 |
| Prepaid insurance | $3,500 |
| Retained earnings | $5,000 |
| Unearned revenue | $12,000 |
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
9781266566899
