Question
At September 1, 2022 the balance sheet accounts for Oriole's Restaurant were as follows: Accounts Payable $4,100 Land $32,400 Accounts Receivable 1,300 Common Stock ?
At September 1, 2022 the balance sheet accounts for Oriole's Restaurant were as follows:
Accounts Payable | $4,100 | Land | $32,400 | |||
---|---|---|---|---|---|---|
Accounts Receivable | 1,300 | Common Stock | ? | |||
Buildings | 77,000 | Notes Payable | 49,000 | |||
Cash | 5,400 | Supplies | 4,300 | |||
Equipment | 15,800 | Retained Earnings | 45,300 |
The following transactions occurred during the next two days: On September 2, stockholders invested an additional $18,500 cash in the business. The accounts payable were paid in full. Assuming these were the only two transactions during the first three days of September, prepare a balance sheet at September 3, 2022. (List Assets in order of liquidity.)
ORIOLE'S RESTAURANT Balance Sheet At September 3, 2022 ASSETS Cash $ 5,400 Accounts Receivable 1,300 Supplies 4,300 Total Assets LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Retained Earnings 45,300 Total Liabilities and Stockholders' EquityStep by Step Solution
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