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ALL INFO PROVIDED AT BOTTOM OF THE ATTACHED IMAGE. Please help me with this financial statement. I tried solving it my answers are also in
ALL INFO PROVIDED AT BOTTOM OF THE ATTACHED IMAGE. Please help me with this financial statement. I tried solving it my answers are also in this image but unfortunately they are wrong . Can anyone please help me out . Kindly solve this completely. I would give two upvotes. Thank-you
Requirement 1. Prepare the balance sheet of the real estate business of Michael Hunter Realtor, Inc., at October 31, 2019. (Do not classify the balance sheet into current and long-term sections. In the first part complete the assets section of the balance sheet. In the second part complete the liabilities and stockholders' equity section of the balance sheet. If a box is not used in the balance sheet leave the box empty: do not select a label or enter a zero.) Michael Hunter Realtor, Inc. Balance Sheet October 31, 2019 Assets (1) Cash (2) Furniture (3) Franchise (4) Office supplies (5) Land (6) Retained earnings $95.000 $11,100 $17.000 $1000 $ 151,000 (7) Accounts payable Total assets Liabilities (8) (9) (10) Stockholders' Equity (11) (12) |(13) Total liabilities and stockholders' equity Requirement 2. Does it appear that the realty business can pay its debts? How can you tell? The business (14) - pay its debt, as assets are (15) - liabilities. Requirement 3. Identify the personal items given in the preceding facts that should not be reported on the balance sheet of the business. (If a box is not used in the table leave the box empty: do not select a label or enter a zero.) Personal financial information of Michael Hunter (16) (17) (18) (19) (20) c. d. 1: More Info a. Hunter has $22,000 in his personal bank account and $51,000 in the business bank account b. Hunter owes $8,600 on a personal charge account at a local department store Hunter acquired business furniture for $11.100 on October 24. Of this amount, the business owes $6,000 on accounts payable at October 31. Office supplies on hand at the real estate office total $1,000. Hunter's business owes $140,000 on a note payable for some land acquired for a total price of $151,000. f. Hunter's business spent $17.000 for a Realty Region franchise, which entitles him to represent himself as an agent. Realty Region is a national affiliation of independent real estate agents. This franchise is a business asset. . g. Hunter owes $169,000 on a personal mortgage on his personal residence, which he acquired in 2014 for a total price of $380,000 eStep by Step Solution
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