only 6b photo, thanks! 1-b. Prepare balance sheet for the business as of the end of 2020.LECLAIRE DELIVERY SERVICESBalance SheetDecember 31, 2020AssetsLiabilitiesTotal liabilitiesEquityTotal assets$0 Total liabilities and equity$%24%24%24 The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2020 and 2019:December 3120202019$ 9,37511,1751,65027,00073,50022,50090,00918,750Cash$ 26, 250Accounts receivableOffice supplies14, 2502, 25027,00069,000TrucksOffice equipmentLandBuildingAccounts payableNotes payable3,75052,500During December 2020 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters tothe new building. The building and the land it occupies cost $112,500. The business paid $60,000 in cash and a note payable wassigned for the balance. LeClaire had to invest $17,500 cash in the business to enable it to pay the $60,000. The business earned aProfit during 2020, which enabled LeClaire to withdraw $1,500 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 SERVICESBalance SheetDecember 31, 2019

Financial statement is prepared from the trial balance which include :- Profit and loss and…

1-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 0 Total liabilities and equity %24 %24 %24

1-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 0 Total liabilities and equity %24 %24 %24

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 24E

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