Question

The following alphabetical listing shows the assets, liabilities, and shareholders' equity for Zap Ltd. as of December 31, 2017. Prepare a balance sheet dated December 31, 2017. Opening Retained Earnings is $nil (aka $0).

**Note balances are not all debits.

Accounts payable             $12,200                Inventory                                         $23,500

Accounts receivable          21,000                Note payable                                     11,000

Cash                                      21,600                Common shares                               50,600

Salary payable                       2,300                 Equipment                                         30,000

                                                                            Accumulated Depreciation             5,400

Answer 1

Zap ltd
Balance sheet
For the year ended December 31,2017
Assets
Current assets:
Cash	$ 21,600
Accounts Receivable	$ 21,000
Inventory	$ 23,500
Total Current Assets		$ 66,100
Property, plant, and equipment:
Equipment	$ 30,000
Less: Accumulated depreciation	$ (5,400)	$ 24,600
Total Assets		$ 90,700
Liabilities and stockholder's Equity
Current liabilities:
Accounts Payable	$ 12,200
Salaries payable	$   2,300
Total Current Liabilities		$ 14,500
Notes Payable		$ 11,000
Total Liabilities
Owner`s Equity:		$ 25,500
Common Stock	$ 50,600
Retained Earnings (Bal.fig)	$ 14,600
Total Owner`s Equity		$ 65,200
Total liabilities and stockholder's equity		$ 90,700