Prepare a balance sheet for Jake's Janitorial Service for ...

[JGIBBSON]

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

[joneynes]

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Only 58% of students answer this correctly

[JGIBBSON]

YES! Correct, THANKS for helping me on my review

[isabelt_18]

TYSM