Please help! Also what is the balance sheet title? At December 31, current year? Current year? or For the year ended december 31, Current year?
Help Save 1 The following information applies to the questions displayed below! Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation each contributed $70.800 cash to start the business and received 4.500 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined December 3t current yeat, cash on hand and in the bank. $69.450 December 31, current year, amounts due from customers from sales of books. $45,000, unused portion of store and office equipment. $74.500, December 31, current year amounts owed to publishers for books purchased. $13.300: one year note payable to a local back for $4.000. No dividends were declared or paid to the stockholders during the year Required: 1. Complete the following balance sheet as of the end of current yeat. Some formation has been given below. COLE VALLEY BOOK STORE Balance Sheet Assets Liabilities sh Acce Apa No pay interest 10 Stockholders'Equy July Saved Help Sew Required information [The following information applies to the questions displayed below! Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation, each contributed $70,800 cash to start the business and received 4.500 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial Items for the year were determined: December 31, current year, cash on hand and in the bank $69.450. December 31, current year, amounts clue from customers from sales of books. $45,000unused portion of store and office equipment $74,500: December 31, current year, amounts owed to publishers for books purchased. $13,300; one year note payable to a local bank for $4,000. No dividends were declared or paid to the stockholders during the year 2. What was the amount of net income for the year? Not:Use the retained earnings equation (Beginning Retained Earnings - Net Income - Dividends - Ending Retained Earnings to solve for net income) Quiz - Chapter 1 Save 1 Bennett Griffin and Chula Garza organized Cole Volley Book Store as a corporation, each contributed $70.800 cash to start the business and received 4,500 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined December 3 cuarent year, cash on hand and in the bank. $69.450 December 31, current year, amounts due from customers from sales of books, $45.000; unused portion of store and office equipment, $74,500: December 31 current year amounts owed to publishers for books purchased $13.300: one year note payable to a local bank lor $4.000. No dividends were declared of paid to the stockholders during the year Pan12 Required: 1. Complete the following balance sheet as of the end of current yet. Some information has been given below COLE VALLEY BOOK STORE Balance Sheet Assets Liabile Accueil Accounts NO interest Total 170 120 1 Stockholders' Equity Co 200 20.00 Sot $
