Homework 1 Due Monday June 5, 2017 9:00am Submit through NYU Classes Retail Co. Balance Sheet December 31, 2015 18,600 Cash 33,000 Accounts Receivable Notes Receivable Interest Receivable 22,000 Merchandise inventory 4,500 Prepaid Insurance 88,700 Total Current Assets Computer Systems: 78,000 At Cost (26,000) Less Accumulated Depreciation 52,000 Net Computer System 140,700 Total Assets LIABILITIES AND SHAREHOLDERS' EQUITY 36,000 Accounts Payable 1,800 Dividends Payable 6,500 Salaries Payable 10,000 Taxes Payable 6000 Unearned Revenue 54,900 Total Liabilities 40,000 Common Stock 45,800 Retained Earnings Total Shareholders' Equity 85,800 Total Liabilities and Shareholders' Equity 140,700 Required: Prepare Journal Entries and the necessary T-accounts for the below transactions, close the books and then prepare the income statement and balance sheet as of December 31, 2016