Use the transaction information provided for Mike's Motors $($the previous question$)$ to create a balance sheet for Mike's Motors. Make sure to include every account that you used in the journal entries above.

Assume they started the year with $$1,000$ in Cash, $$400$ in Accounts Receivable, $$600$ in Equipment, $$1,000$ in Accounts Payable, and $$1,000$ in Retained Earnings.

Mike Motors Company

Balance Sheet

At December $31$st$,$ Year $1$

Assets Account Amount

Current Assets

Cash

$3,400$

Accounts Receivable

$400$

Non$-$Current Assets

Equipment

$0$

Total Assets $$??$ $$??$

Liabilities

Current Liabilities

Accounts Payable

$1,000$

Non$-$Current Liabilities

Notes Payable

$5,000$

Total Liabilities $$??$ $$??$

Shareholders' Equity

Common Stock

$1,800$

Retained Earnings

$1,000$

Total Shareholders' Equity $$??$ $$??$

Total Liabilities and Shareholders' Equity $$??$ $$??$