Answered step by step
Verified Expert Solution
Question
1 Approved Answer
After its first month of operations, the following amounts were taken from the accounting records of West Coast Dreams Realty Inc. as of June
After its first month of operations, the following amounts were taken from the accounting records of West Coast Dreams Realty Inc. as of June 30, 2019. Cash Common stock $ 86,000 Notes payable $100,000 16.000 150,000 Rent expense Dividends 4,000 Retained earnings 0 Interest expense Land 600 Salaries expense 200,000 Sales commissions 100,000 180,000 Miscellaneous expense 3,400 Utilities expense 20,000 Prepare a balance sheet as of June 30, 2019. Cash Land Total assets West Coast Dreams Realty Inc. Balance Sheet June 30, 2019 Assets Liabilities Notes payable Stockholders Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity .00 100 0 000 Pecall that only assets (items owned by the company), Katilities (debts owed to creditors), and stockholders' equity acpear on the balance sheet. Check My Work All work saved Email
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started