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The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2020 and 2019 14,sse Cash Accounts receivable Office supplies Trucks Office equipment Land Building Accounts payable Notes payable December 31 zeze 2019 $ 10,275 $ 27,150 11,775 1,950 2.55e 33,ese 33,eee 79,500 75,eee 28,500 96.ece 19,650 4,ese 58,5ee During December 2020 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to the new building The building and the land It occuples cost $124.500. The business paid $66,000 in cash and a note payable was signed for the balance. LeClaire had to invest $18,100 cash in the business to enable it to pay the $66.000. The business earned a . profit during 2020, which enabled LeClaire to withdraw $2,100 per month from the business for personal expenses Required: 1-a. Prepare balance sheet for the business as of the end of 2019, LeCLAIRE DELIVERY SERVICES Balance Sheet December 31, 2019 , Assets Liabilities Equity Total assets Total liabilities and equity I-b. Prepare balance sheet for the business as of the end of 2020. LeCLAIRE DELIVERY SERVICES Balance Sheet December 31, 2020 Assets Liabilities Total liabilities Equity Total assets Total liabilities and equity 2. Prepare a calculation to show how much profit was earned by the business during 2020. Calculation of profit for 2020: Jess LeClaire, Capital December 31, 2019 Jess LeClaire, capital December 31, 2020 Analysis Component: Compare the increase in assets from December 31, 2019, to December 31, 2020., and complete the following table , . Increase in assets Increase in Assets financed by debt Increase in Assets financed by equity The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2020 and 2019 14,sse Cash Accounts receivable Office supplies Trucks Office equipment Land Building Accounts payable Notes payable December 31 zeze 2019 $ 10,275 $ 27,150 11,775 1,950 2.55e 33,ese 33,eee 79,500 75,eee 28,500 96.ece 19,650 4,ese 58,5ee During December 2020 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to the new building The building and the land It occuples cost $124.500. The business paid $66,000 in cash and a note payable was signed for the balance. LeClaire had to invest $18,100 cash in the business to enable it to pay the $66.000. The business earned a . profit during 2020, which enabled LeClaire to withdraw $2,100 per month from the business for personal expenses Required: 1-a. Prepare balance sheet for the business as of the end of 2019, LeCLAIRE DELIVERY SERVICES Balance Sheet December 31, 2019 , Assets Liabilities Equity Total assets Total liabilities and equity I-b. Prepare balance sheet for the business as of the end of 2020. LeCLAIRE DELIVERY SERVICES Balance Sheet December 31, 2020 Assets Liabilities Total liabilities Equity Total assets Total liabilities and equity 2. Prepare a calculation to show how much profit was earned by the business during 2020. Calculation of profit for 2020: Jess LeClaire, Capital December 31, 2019 Jess LeClaire, capital December 31, 2020 Analysis Component: Compare the increase in assets from December 31, 2019, to December 31, 2020., and complete the following table , . Increase in assets Increase in Assets financed by debt Increase in Assets financed by equity
