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Lariat Inc. (a calendar year end corporation) uses accrual basis accounting. After all transactions are recorded for the year ended December 31, 2022, but before
Lariat Inc. (a calendar year end corporation) uses accrual basis accounting. After all transactions are recorded for the year ended December 31, 2022, but before any adjustments are made, the unadjusted balances are as follows: ASSETS = LIABILITIES + STOCKHOLDERS' EQUITY Cash Supplies Truck Accounts Common Retained Payable Stock Earnings Unadjusted Balance, 11,800 1,300 30,000 1,500 25,000 16,600 Dec. 31 Lariat Inc. made adjustments on December 31, 2022 due to the following information: A. Depreciation on the truck amounted to $5,000 B. Services performed but unbilled as of December 31, 2022 amounted to $8,000 C. Employees will be paid on January 15, 2023. Accrued wages at December 31, 2022 are $3,500 D. A physical inventory of supplies on December 31 revealed there were $600 of supplies on hand Compute total assets on December 31, 2022 for Lariat Inc. after all adjustments have been made
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