File Home ser A8 F G H E A 1 B D A Company Balance Sheet As of December 31, 20XX 2 4 m. Liabilities and Owners' Equity Current Liabilities: 5 Assets 6 Current Assets: 7 9 Total Current Liabilities 10 11 Long Term Liabilities: 12. 13 14 Total Current Assets Total Long Term Liabilities: 15 16 Total Liabilities: 17 18 19 Shareholder's Equity: 20 21 Non-Current Assets: 22 Total Equity 23 24 Baking Equipment (Net) 25 26 Total Assets: Total Liabilities & Equity 27 28 29 30 31 32 33 34 Styles Paragraph December 1: Paid dividends to self in amount of $10,000. December 5: Paid employee for period ending November 30. December 7: Purchased merchandise for resale. See the "Inventory Valuation tab for details. December 8: Received payments from customers toward accounts receivable in amount of $4,000. December 10: Paid November telephone bill. December 11: Purchased baking supplies in amount of $7.000 from vendor on account. December 13: Paid on supplies vendor account in amount of $5,000. December 15: Accrued employee wages for period of December 1 through December 15. December 15: Paid rent on bakery space $1,500. December 15: Recorded merchandise sales transaction. See the "Inventory Valuation" tab for details. December 15: Recorded impact of sales transaction on COGS and the inventory asset. See the "Inventory Valuation" tab for details December 20: Paid employee for period ending December 15. December 20: Purchased merchandise inventory for resale to customers. See the "Inventory Valuation" tab for details. December 24: Recorded sales of merchandise to customers. See the MInventory Valuation" tab for details. December 24: Recorded impact of sales transaction on COGS and the inventory asset. See the "Inventory Valuation" tab for details. December 30: Purchased merchandise inventory for resale to customers. See the "Inventory Valuation" tab for details. December 31: Accrued employee wages for period of December 16 through December 31. December 31: Total December bakery sales were $25,000 ($6,000 of these sales on accounts receivable) 4. On December 31, the following adjustments must be made: Depreciation of baking equipment transferred to company on October 13. Assume half month of depreciation in October using the straight-line method. + Accrue interest for note payable. Assume a full month of interest for October 16% annual interest on $10,000 loan) Record insurance used for the year. Actual baking supplies on hand as of December 31 are $1,100. . Office supplies on hand as of December 31 are $50. WIN File Home ser A8 F G H E A 1 B D A Company Balance Sheet As of December 31, 20XX 2 4 m. Liabilities and Owners' Equity Current Liabilities: 5 Assets 6 Current Assets: 7 9 Total Current Liabilities 10 11 Long Term Liabilities: 12. 13 14 Total Current Assets Total Long Term Liabilities: 15 16 Total Liabilities: 17 18 19 Shareholder's Equity: 20 21 Non-Current Assets: 22 Total Equity 23 24 Baking Equipment (Net) 25 26 Total Assets: Total Liabilities & Equity 27 28 29 30 31 32 33 34 Styles Paragraph December 1: Paid dividends to self in amount of $10,000. December 5: Paid employee for period ending November 30. December 7: Purchased merchandise for resale. See the "Inventory Valuation tab for details. December 8: Received payments from customers toward accounts receivable in amount of $4,000. December 10: Paid November telephone bill. December 11: Purchased baking supplies in amount of $7.000 from vendor on account. December 13: Paid on supplies vendor account in amount of $5,000. December 15: Accrued employee wages for period of December 1 through December 15. December 15: Paid rent on bakery space $1,500. December 15: Recorded merchandise sales transaction. See the "Inventory Valuation" tab for details. December 15: Recorded impact of sales transaction on COGS and the inventory asset. See the "Inventory Valuation" tab for details December 20: Paid employee for period ending December 15. December 20: Purchased merchandise inventory for resale to customers. See the "Inventory Valuation" tab for details. December 24: Recorded sales of merchandise to customers. See the MInventory Valuation" tab for details. December 24: Recorded impact of sales transaction on COGS and the inventory asset. See the "Inventory Valuation" tab for details. December 30: Purchased merchandise inventory for resale to customers. See the "Inventory Valuation" tab for details. December 31: Accrued employee wages for period of December 16 through December 31. December 31: Total December bakery sales were $25,000 ($6,000 of these sales on accounts receivable) 4. On December 31, the following adjustments must be made: Depreciation of baking equipment transferred to company on October 13. Assume half month of depreciation in October using the straight-line method. + Accrue interest for note payable. Assume a full month of interest for October 16% annual interest on $10,000 loan) Record insurance used for the year. Actual baking supplies on hand as of December 31 are $1,100. . Office supplies on hand as of December 31 are $50. WIN