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RedBear Landscaping Company List of Accounts December 31, 2023 Cash $ 6,000 Accounts Receivable 2,000 Supplies 9,000 Prepaid Rent 5,000 Equipment 22,000 Vehicles 49,000 Office
RedBear Landscaping Company | |||||||
List of Accounts | |||||||
December 31, 2023 | |||||||
Cash | $ 6,000 | ||||||
Accounts Receivable | 2,000 | ||||||
Supplies | 9,000 | ||||||
Prepaid Rent | 5,000 | ||||||
Equipment | 22,000 | ||||||
Vehicles | 49,000 | ||||||
Office Furniture | 8,000 | ||||||
Accumulated Depreciation | 14,000 | ||||||
Accounts Payable | 7,000 | ||||||
Accrued Wages Payable | 3,000 | ||||||
Note Payable (due in six months) | 8,000 | ||||||
Loan Payable (due in five years) | 29,000 | ||||||
Common Stock, no par | 28,000 | ||||||
Retained Earnings | 12,000 | ||||||
A group of four students decided to start a residential landscaping and snowplowing business, RedBear Landscaping Company (RBLC). This List of Accounts is as of the end of their first year of business. | |||||||
Required: | |||||||
1. From the List of Accounts, prepare a well-formatted, classified balance sheet as of the date noted. | |||||||
1a. "Classified" requires having subtotals for Current Assets and for Current Liabilities. Refer to good-form FS. | |||||||
2. Prove the accounting equation (must document evidence of this step). | |||||||
3a. Calculate the current ratio, two decimal places always required xx.xx [analysis not required] | |||||||
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