Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
On December 31, Hayes Company had the following list of account balances. Accounts Payable $ 68000 Dividends $ 22400 63300 53300 Equipment 60500 Prepaid Rent
On December 31, Hayes Company had the following list of account balances. Accounts Payable $ 68000 Dividends $ 22400 63300 53300 Equipment 60500 Prepaid Rent 20600 Accounts Receivable Accumulated Depreciation Buildings Accumulated Depreciation, Equipment Beginning Retained Earnings 19400 Rent Expense 5800 96400 Salaries Expense 3300 Buildings 109000 Salaries Payable 8100 Capital Stock 38500 Service Revenue 85900 Cash 65600 Supplies 12900 Depreciation Expense, Buildings 6300 Supplies Expense 8900 Depreciation Expense, 5400 Equipment Required: Prepare a balance sheet on December 31. Hint: You will need to determine the net book value for equipment and buildings. You will also need to determine ending retained earnings. Hayes Company Balance Sheet December 31 Prepare a balance sheet on December 31 Hint: You will need to determine the net book value for equipment and buildings. You will also need to determine ending retained earnings. Hayes Company Balance Sheet December 31 Assets Current Assets (Choose one) Total Current Assets Property, Plant, and Equipment: (Choose one) Total Property, Plant, and Equipment Total Assets Liabilities Current Liabilities: (Choose one) Total Liabilities Stockholders' Equity (Choose one Total Stockholders' Equity Total Liabilities and Stockholders' Equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started