Required information[The following information applies to the questions displayed below.]The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 andYear 2.December 31CashAccounts receivableoffice suppliesoffice equipmentTrucksBuildingLandAccounts payableNote payableBalance Sheet Balance SheetYear 1Year 2Year 1$ 64,30026,240Total assets3,16044,000148,000Assets003,5000Required:1. Prepare balance sheets for the business as of December 31 for Year 1 and for Year 2. Hint: Report only total equity on the balancesheet and remember that total equity equals the difference between assets and liabilities.Year 2$ 15,64019,1001,96044,000Complete this question by entering your answers in the tabs below.$157,00080,00060,00033,50040,000Prepare the balance sheet for the business as of December 31 for Year 2. Hint: Report only total equity on the balance sheetand remember that total equity equals the difference between assets and liabilities.NETTLE DISTRIBUTIONBalance SheetDecember 31, Year 2Total liabilitiesLiabilities< Balance Sheet Year 1EquityTotal equityO Total liabilities and equity$$0Balance Sheet Year 2 > Required information[The following information applies to the questions displayed below.]The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 andYear 2.December 31CashAccounts receivableoffice suppliesoffice equipmentTrucksBuildingLandAccounts payableNote payableBalance Sheet Balance SheetYear 1Year 2Year 1$ 64,30026,2403,16044,000148,000Total assets00Assets3,5000Required:1. Prepare balance sheets for the business as of December 31 for Year 1 and for Year 2. Hint: Report only total equity on the balancesheet and remember that total equity equals the difference between assets and liabilities.$Year 2$ 15,64019,1001,96044,000157,000Complete this question by entering your answers in the tabs below.80,00060,00033,50040,000Prepare the balance sheet for the business as of December 31 for Year 1. Hint: Report only total equity on the balance sheetand remember that total equity equals the difference between assets and liabilities.NETTLE DISTRIBUTIONBalance SheetDecember 31, Year 1Total liabilitiesLiabilitiesBalance Sheet Year 1EquityTotal equityO Total liabilities and equity$$0Balance Sheet Year 2 >

The balance sheet is one of the financial statement of the business. The balance sheet represents…

Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Cash Accounts receivable office supplies office equipment Trucks Building Land Accounts payable Note payable Year 1 $ 64,300 26,240 3,160 44,000 148,000 0 0 3,500 0 Year 2 $ 15,640 19,100 1,960 44,000 157,000 80,000 60,000 33,500 40,000 Required: 1. Prepare balance sheets for the business as of December 31 for Year 1 and for Year 2. Hint: Report only total equity on the balance heet and remember that total equity equals the difference between assets and liabilities.

Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Cash Accounts receivable office supplies office equipment Trucks Building Land Accounts payable Note payable Year 1 $ 64,300 26,240 3,160 44,000 148,000 0 0 3,500 0 Year 2 $ 15,640 19,100 1,960 44,000 157,000 80,000 60,000 33,500 40,000 Required: 1. Prepare balance sheets for the business as of December 31 for Year 1 and for Year 2. Hint: Report only total equity on the balance heet and remember that total equity equals the difference between assets and liabilities.

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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