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i need correct and completed answeres for balance sheet please Question 1 Novak Inc., had the following condensed balance sheet at the end of operations
i need correct and completed answeres for balance sheet please
Question 1 Novak Inc., had the following condensed balance sheet at the end of operations for 2016. NOVAK INC. BALANCE SHEET DECEMBER 31, 2016 Cash Current assets other than cash Equity investments Plant assets (net) Land $8,500 29,100 19,900 67,300 40,100 $164,900 Current liabilities Long-term notes payable Bonds payable Common stock Retained earnings $15,100 25,600 25,000 75,000 24,200 $164,900 During 2017, the following occurred 1. A tract of land was purchased for $9,100 2. Bonds payable in the amount of $15,000 were redeemed at par 3. An additional $10,100 in common stock was issued at par. 4. Dividends totaling $9,400 were paid to stockholders. 5. Net income was $30,400 after allowing depreciation of $13,600 6. Land was purchased through the issuance of $22,500 in bonds. 7. Novak Inc. sold part of its investment portfolio for $12,800. This transaction resulted in a gain of $2,000 for the company. No unrealized gains or losses were recorded on these investments in 2017 8. Both current assets (other than cash) and current liabilities remained at the same amountStep by Step Solution
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