Question 1
Prepare a balance sheet for Mullen's Hardware for December 31 of last year. The company assets are cash
and merchandise inventory $80,000. The liabilities are
and wages payable $9000. The owner's capital is $101,000.
◦ Mullen's Hardware Balance Sheet
Total assets: $128,000
Total liabilities: $9000
Total liabilities and owner's equity: $9000
◦ Mullen's Hardware Balance Sheet
Total assets: $128,000
Total liabilities: $27,000
Total liabilities and owner's equity: $128,000
◦ Mullen's Hardware Balance Sheet
Total assets: $128,000
Total liabilities: $18,000
Total liabilities and owner's equity: $128,000
◦ Mullen's Hardware Balance Sheet
Total assets: $80,000
Total liabilities: $18,000
Total liabilities and owner's equity: $101,000
Question 2
Prepare a balance sheet for Jake's Janitorial Service for December 31 of last year. The company assets are cash
accounts receivable
merchandise inventory
and equipment
The liabilities are accounts payable
wages payable
and mortgage note payable
The owner's capital is $123,000.
◦ Jake's Janitorial Service Balance Sheet
Total assets: $235,000
Total liabilities: $99,000
Total liabilities and owner's equity: $123,000
◦ Jake's Janitorial Service Balance Sheet
Total assets: $235,000
Total liabilities: $112,000
Total liabilities and owner's equity: $123,000
◦ Jake's Janitorial Service Balance Sheet
Total assets: $235,000
Total liabilities: $112,000
Total liabilities and owner's equity: $235,000
◦ Jake's Janitorial Service Balance Sheet
Total assets: $172,000
Total liabilities: $112,000
Total liabilities and owner's equity: $123,000
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