Business, 22.09.2020 16:01 alexisolermeador389
The following information is available for Wildhorse Co. Accounts receivable $2,100 Cash $6,340 Accounts payable 4,300 Supplies 3,840 Interest payable 540 820 Unearned service revenue Service revenue Salaries and wages expense 5,500 41,300 Notes payable Salaries and wages payable 820 Common stock 31,000 51,400 2,950 730 Depreciation expense Equipment (net) Inventory 108,700 Using the information above, prepare a balance sheet as of December 31, 2022.
Answer from: leo3131t
Please see balance sheet below as requested.
Explanation:
First, we need to determine the Net income
Service revenue $41,300
Less unearned service revenue $820
$40,480
Less expenses
Salaries & wages expenses ($5,500)
Depreciation expenses ($730)
Net income. $34,250
Wildhorse Co balance sheet as at 31st December 2022
Assets. $
Cash. 6,340
Accounts receivable 2,100
Supplies 3,840
Equipment $108,700
Inventory 2,950
Total assets 120,980
Current liabilities $
Accounts payable 4,300
Interest payable 540
Notes payable. 31,000
Salaries and wages payable 820
Total liabilities 36,660
Shareholder's equity $
Common stock 51,400
Retained earnings 34,250
Total shareholder's equity 85,650
Total shareholder's equity and liabilities $121,490
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With reference to the solutions, following things may be noted1) homogeneous solutions comprises of single phase.2) heterogeneous solution comprises of more than one phase.3) in colloidal solution, solute is evenly distributed in solvent. in such system, it is difficult to separate solute and solvent.4) in suspension, there is an uneven distribution of solute in solvent. in such system, solute and solvent gets separated on standing long. blood is a homogeneous and colloidal solution,salad dressing is a heterogeneous and suspension solution.
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