Question
Mustang Motors. has the following assets, liabilities, revenues and expenses for the current year. The accounts are listed below in alphabetical order. The company has
Mustang Motors. has the following assets, liabilities, revenues and expenses for the current year. The accounts are listed below in alphabetical order. The company has a December 31st year end.
Accounts receivable | $27,000 |
| Office equipment | $59,500 |
Accounts payable | 39,500 | Office supplies | 5,000 | |
Building | 45,000 | Service revenue | 102,000 | |
Cash | 60,000 | Supplies expense | 8,000 | |
Commission expense | 24,500 | Utilities expense | 18,500 | |
Common stock | 42,500 | Wage expense | 65,500 | |
Interest payable | 11,800 | Deferred revenue | 18,700 | |
Land | 40,000 | Prepaid Expenses | 12,500 |
Beginning retained earnings was $154,000 and dividends were $3,000 for the year. Prepare the balance sheet for the current year.
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