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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
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. Assets Mike Motors Company Balance Sheet At December 31st, Year 1 Current Assets Cash Non-Current Assets Total Assets Liabilities Current Liabilities Non-Current Liabilities Total Liabilities Account 3,400 Accounts Receivabl 400 Equipment $?? 0 Accounts Payable 1,000 Notes Payable 5,000 $?? Shareholders' Equity Common Stock 1,800 Retained Earnings 1,000 Amount $?? $??
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