Question

Felix Company has just completed operations for the year ended December 31, 2016. This is the...

Felix Company has just completed operations for the year ended December 31, 2016. This is the second year of operations for the company. The following data have been assembled for the business.

Accounts Payable

$ 12,200

   Office Expense

$   6,500

Accounts Receivable

14,500

   Rent Expense

9,600

Cash

8,200

Retained Earnings, Jan. 1, 2016

8,300

Common Stock

9,000

   Salaries Expense

36,000

Dividends

13,500

   Service Revenue

84,000

Equipment

15,000

   Utilities Expense

6,200

Insurance Expense

4,000

  

Prepare the balance sheet. Use a proper heading.

Business   Accounting   
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Answer #1

Balance sheet :

Assets
Current assets
Cash 8200
Account receivable 14500
Total current assets 22700
Non Current assets
Equipment 15000
Total Assets 37700
Liabilities and stockholder's equity
Current liabilities
Account payable 12200
Long term liabilities
Total liabilities 12200
Stockholder's equity
Common Stock 9000
Retained earnings 16500
Total stockholder's equity 25500
Total liabilities and stockholder's equity 37700
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