Accounts payable$43,000 Inventory$117,000Accounts receivable40,000 Land45,000Building67,000 Mortgage payable (long-term)78,000Cash26,000 Office supplies2,000Common stock111,000 Retained earnings?Salaries payable7,000Berkly WholesalersBalance SheetDecember 31, 2018AssetsCurrent Assets2$Accounts receivableOffice suppliesTotal Current AssetsNoncurrent AssetsLandTotal Noncurrent AssetsTotal Assets$Liabilities & Stockholders' EquityCurrent Liabilities2$Salaries payableTotal Current LiabilitiesLong-term LiabilitiesTotal LiabilitiesStockholders' EquityCommon stockTotal Stockholders' EquityTotal Liabilities & Stockholders' Equity $

A balance sheet is also known as a statement of financial position considered as one of the most…

Accounts payable $43,000 Inventory $117,000 Accounts receivable 40,000 Land 45,000 Building 67,000 Mortgage payable (long-term) 78,000 Cash 26,000 Office supplies 2,000 Common stock 111,000 Retained earnings ? Salaries payable 7,000

Accounts payable $43,000 Inventory $117,000 Accounts receivable 40,000 Land 45,000 Building 67,000 Mortgage payable (long-term) 78,000 Cash 26,000 Office supplies 2,000 Common stock 111,000 Retained earnings ? Salaries payable 7,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 18MC: Michelle Company reports $345,000 in credit sales and $267,500 in accounts receivable at the end of...

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Question

Accounts payable
$43,000 Inventory
$117,000
Accounts receivable
40,000 Land
45,000
Building
67,000 Mortgage payable (long-term)
78,000
Cash
26,000 Office supplies
2,000
Common stock
111,000 Retained earnings
?
Salaries payable
7,000
Berkly Wholesalers
Balance Sheet
December 31, 2018
Assets
Current Assets
2$
Accounts receivable
Office supplies
Total Current Assets
Noncurrent Assets
Land
Total Noncurrent Assets
Total Assets
$
Liabilities & Stockholders' Equity
Current Liabilities
2$
Salaries payable
Total Current Liabilities
Long-term Liabilities
Total Liabilities
Stockholders' Equity
Common stock
Total Stockholders' Equity
Total Liabilities & Stockholders' Equity $

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