Question
Redbird Properties, Inc. gathered the following information regarding the asset, liability, stockholders equity, revenue, and expense accounts as of the end of its second year
Redbird Properties, Inc. gathered the following information regarding the asset, liability, stockholders equity, revenue, and expense accounts as of the end of its second year in operations, December 31, 2019:
| Rent Expense | $7,000 |
| Building | 36,320 |
| Depreciation Expense | 4,750 |
| Cost of Goods Sold | 10,000 |
| Accounts Receivable | 8,200 |
| Note Payable (5 yr) | 11,000 |
| Common Stock | 16,970 |
| Cash | 19,500 |
| Salary Expense | 4,400 |
| Dividends | 10,200 |
| Retained Earnings, Jan 1 2015 | 17,085 |
| Accounts Payable | 11,800 |
| Accumulated Depreciation (Building) | 6,500 |
| Income Tax Expense | 6,585 |
| Sales | 48,800 |
| Prepaid Rent | 2,500 |
| Inventory | 2,000 |
| Interest Expense | 700 |
Prepare, in good form, the heading and Asset section only of the classified Balance Sheet for Redbird Properties, Inc. for 2019. You will prepare the Liabilities & Stockholders' Equity section in the next question. (You can receive partial credit.)
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Energy Audits And Improvements For Commercial Buildings
Authors: Ian M. Shapiro
1st Edition
1119084164, 978-1119084167
