Question Help % P11-57A (similar to) Modem Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018: Click the icon to view the transaction.) Read the requirements Dan December 31, 2018 Assets Liabilities Current assets: Current liabilities: Cash Accounts payable Accounts receivable 64.000 Salary payable 78,000 Inventory Total current liabilities Tours Stockholders' equity Property, plant, and equipment Common stock Equipment 220,000 Retained earnings Less: Acoumulated depreciation Total stockholders equity 23.400 6,000 29,400 510,000 Jh Total sets Totatables and stockholders equity Choose from any list or enter any number in the initial and thank Chark Anwar % P11-57A (similar to) Question Help Modem Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018: (Click the icon to view the true Read the requirements More Info Assets Current assets: Canh Accounts receivable Inventory Total current assets On January 1, 2018, Modern issued its common stock for $10,000. Early in January Modem made the following cash payments: a $220,000 for equipment b. $243,000 for inventory (nine cars at $27,000 each) c. $25,000 for 2018 rent on a store building In February, Modern purchased three cars for inventory on account. The cost of this inventory was $117,000 ($39,000 per car). Before year-end, the company paid off $93,600 of this debt. The company uses the first in, first-out (FIFO) mothod to account for its inventory During 2018, Modern sold eleven autos for a total of $849,000. Before year-end, it had collected 70% of this amount The business employs two people. The combined annual payroll is $151,000, of which Modem owes $6.000 at year-end. At the end of the year, the company paid Income taxes of $22,000 Late in 2018, Modern declared and paid cash dividends of $14,000. For equipment, Modem uses the straight-line depreciation method, over five years, with zero residual value Property, plant, and equipment Equipment h Len: Accumulated depreciati wa Total Print Done Choose from any list or enter any 4 parts ramina CA Question Help P11-57A (similar to) Modem Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018: Click the icon to view the transaction.) Read the requirements Requirement 2. Prepare Modern's balance sheet at December 31, 2018. Modern Motors, Inc. Balance Sheet December 31, 2018 Liabilities Assets Current assots: Cash Current liabilties: Accounts payable Salary payable Total current liabilities 23.400 6,000 Accounts receivable 54,900 78,000 29.400 Inventory Total current assets Stockholders' equity Common stock 510,000 Property, plant, and equipment Equipment 220,000 Retained earrings Choose from any list or enter any number in the input fields and then click Check