Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can you help me to fill blank columns Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at
Can you help me to fill blank columns
Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 30% * pretax income; all paid during the current year Common stock (December 31) Dividends declared and paid during the current year $ 26, 2ee 12,380 70,000 41,500 46, 140 3,780 122,000 86,280 ? 86,380 11,200 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) P1-1 Part 3 3. Prepare a balance sheet at December 31. HIGHLIGHT CONSTRUCTION COMPANY Balance Sheet At December 31, Current Year Assets Cash Equipment Receivables from customers Inventory of merchandise - $ 20,200 41,500 12,300 70.000 S 150.000 Total assets Liabilities s Accounts payable Salary payable Accounts payable 48,140 3,700 $ 49,840 Total liabilities Stockholders' Equity Common stock Retained earnings $ 86,300 Total stockholders' equity Total liabilities and stockholders' equity 86.300 136,140Step 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