Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Financial information related to Montana Interiors for October and November 20Y8 are as follows: Line Item Description October 31, 20Y8 November 30, 20Y8 Accounts payable
Financial information related to Montana Interiors for October and November 20Y8 are as follows:
Line Item Description | October 31, 20Y8 | November 30, 20Y8 |
---|---|---|
Accounts payable | $43,100 | $46,500 |
Accounts receivable | 95,300 | 109,500 |
Capital stock | ? | ? |
Retained earnings | 130,000 | 170,000 |
Cash | 168,100 | 285,300 |
Supplies | 8,400 | 7,000 |
Question Content Area
a. Prepare a balance sheet for Montana Interiors as of October 31, 20Y8.
Line Item Description | Amount | Amount |
---|---|---|
Assets | ||
Accounts payableCapital stockCashRetained earningsCash | $Cash | |
Accounts payableAccounts receivableCapital stockRetained earningsAccounts receivable | Accounts receivable | |
Accounts payableCapital stockRetained earningsSuppliesSupplies | Supplies | |
Total assets | $Total assets | |
Liabilities | ||
Accounts payableAccounts receivableCapital stockRetained earningsAccounts payable | $Accounts payable | |
Stockholders Equity | ||
Accounts payableAccounts receivableCapital stockCashCapital stock | $Capital stock | |
Accounts payableAccounts receivableCashRetained earningsRetained earnings | Retained earnings | |
Total stockholders' equity | Total stockholders' equity | |
Total liabilities and stockholders' equity | $Total liabilities and stockholders' equity |
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