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You have current balances as follows: Accounts Payable, $10,000; Accounts Receivable, $50,000; Cash, $20,000; Wages Payable, $30,000; And of course your equipment as stated in
You have current balances as follows: Accounts Payable, $10,000; Accounts Receivable, $50,000; Cash, $20,000; Wages Payable, $30,000; And of course your equipment as stated in the preceding paragraph. Your prior year net income was $0 and prior year paid in capital was $83,000. You do have some stockholders equity (hint: in this section you will have two line items-- 1) retained earnings, for which you need to figure out on your own; and 2) paid in capitalcurrent year paid in capital balance is $537,300)
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