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Need help with an accounting problem Novak Corp., a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information
Need help with an accounting problem
Novak Corp., a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2020. Revenues during 2020-camping fees Revenues during 2020-general store Accounts payable Cash on hand Original cost of equipment Fair value of equipment $207,200 69,560 16,280 29,600 156,140 207,200 Notes payable Expenses during 2020 Supplies on hand Common stock Retained earnings $88,800 222,000 3.700 29,600 ? Prepare a balance sheet for Novak Corp. as of December 31, 2020. (List Assets in order of liquidity.) Novak Corp. Balance Sheet December 31, 2020 Assets Cash GA 29,600 Revenues during 2020-camping fees $207,200 Revenues during 2020-general store 69560 Total Assets $ 306360 Liabilities and Stockholders' Equity Liabilities $ Total Liabilities and Stockholders' Equity $Step by Step Solution
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