Required information

Skip to question

$[$The following information applies to the questions displayed below.$]$

The following events apply to Gulf Seafood for the Year $1$ fiscal year:

The company started when it acquired $$39,000$ cash by issuing common stock.

Purchased a new cooktop that cost $$14,000$ cash.

Earned $$19,200$ in cash revenue.

Paid $$13,500$ cash for salaries expense.

Adjusted the records to reflect the use of the cooktop. Purchased on January $1,$ Year $1,$ the cooktop has an expected useful life of five years and an estimated salvage value of $$3,200.$ Use straight$-$line depreciation. The adjusting entry was made as of December $31,$ Year $1.$

b$.$ Prepare a balance sheet for the Year $1$ accounting period. $($Amounts to be deducted should be indicated by a minus sign.$)$b$.$ Prepare a balance sheet for the Year $1$ accounting period. $($Amounts to be deducted should be indicated by a minus sign.$)$