FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:KAT Productions reports the following amounts on December 31, 2024: retained earnings, $15,000; equipment, $38,000; accounts
payable, $9,000; inventory, $15,000; notes payable, $20,000; common stock, $19,000; cash, $10,000. Prepare the balance sheet for
KAT Productions.
Equipment
Intangible assets
Inventory
Cash
Intangible assets
Total assets
Assets
*****
S
$
Answer is complete but not entirely correct.
KAT Productions
Balance Sheet
December 31, 2024
38,000
38,000
15,000
10,000✔✔
25,000
126,000
Accounts payable
Notes payable
Total liabilities
Retained earnings
Common stock
Liabilities
Stockholders' Equity
equity
Total stockholders' equity
Total liabilities and stockholders
9
$
9,000
20,000
29,000
15,000
19,000
34,000
63,000
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