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Prepare a year-end balance sheet for each year accounting period.

Prepare a year-end balance sheet for each year accounting period.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tables for 2018 and 2019 need to be filled in.

b-3. Prepare a year-end balance sheet for each year accounting period. Complete this question by entering your answers in the tabs below. Bal Sheet Bal Sheet 2018 2019 Prepare a year-end balance sheet for the year 2018. MARK'S CONSULTING Balance Sheet As of December 31, 2018 Assets Total assets $ Liabilities Total liabilities $ Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ < Bal Sheet 2018 Bal Sheet 2019 >
Transcribed Image Text:b-3. Prepare a year-end balance sheet for each year accounting period. Complete this question by entering your answers in the tabs below. Bal Sheet Bal Sheet 2018 2019 Prepare a year-end balance sheet for the year 2018. MARK'S CONSULTING Balance Sheet As of December 31, 2018 Assets Total assets $ Liabilities Total liabilities $ Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ < Bal Sheet 2018 Bal Sheet 2019 >
Required information [The following information applies to the questions displayed below.] Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 1. Acquired $85,000 by issuing common stock. 2. Received $135,000 cash for providing services to customers. 3. Borrowed $22,000 cash from creditors. 4. Paid expenses amounting to $53,000. 5. Purchased land for $35,000 cash. Transactions for 2019 Beginning account balances for 2019 are: $154,000 35,000 22,000 85,000 82,000 Cash Land Notes payable Common stock Retained earnings 1. Acquired an additional $27,000 from the issue of common stock. 2. Received $137,000 for providing services. 3. Paid $17,000 to creditors to reduce loan. 4. Paid expenses amounting to $68,000. 5. Paid a $11,500 dividend to the stockholders. 6. Determined that the market value of the land is $45,000.
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 1. Acquired $85,000 by issuing common stock. 2. Received $135,000 cash for providing services to customers. 3. Borrowed $22,000 cash from creditors. 4. Paid expenses amounting to $53,000. 5. Purchased land for $35,000 cash. Transactions for 2019 Beginning account balances for 2019 are: $154,000 35,000 22,000 85,000 82,000 Cash Land Notes payable Common stock Retained earnings 1. Acquired an additional $27,000 from the issue of common stock. 2. Received $137,000 for providing services. 3. Paid $17,000 to creditors to reduce loan. 4. Paid expenses amounting to $68,000. 5. Paid a $11,500 dividend to the stockholders. 6. Determined that the market value of the land is $45,000.
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