Question

The following alphabetical listing shows the assets, liabilities, and shareholders' equity for Zap Ltd. as of...

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

Homework Answers

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
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