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In: Accounting

The adjusted balances at December 31, 2020, for Derlak Enterprises are shown in alphabetical order below:...

The adjusted balances at December 31, 2020, for Derlak Enterprises are shown in alphabetical order below:

2020 2019
Accounts payable $ 63,800 $ 11,000
Accumulated amortization, franchise 20,600 12,600
Accumulated amortization, patent 4,000 2,800
Accumulated depreciation, equipment 79,800 66,500
Accumulated depreciation, tools 49,000 49,400
Accumulated depreciation, vehicles 110,200 108,800
Cash 16,000 30,200
Equipment 198,000 100,000
Franchise 55,600 55,600
Lee Derlak, capital* 210,320 45,620
Lee Derlak, withdrawals 46,000 38,400
Notes payable, due in 2023 163,000 148,600
Office supplies 3,800 3,720
Operating expenses 782,200 572,600
Patent 30,000 30,000
Prepaid rent 35,000 48,000
Salaries payable 36,300 23,700
Service revenue 844,500 775,700
Tools 150,920 102,200
Vehicles 264,000 264,000

*The owner, Lee Derlak, made no additional investments during the year.

Required:
Prepare a comparative classified balance sheet at December 31, 2020. (Record the accounts in the given order. Enter all amounts as positive values.)



Analysis Component:
Are Derlak's assets financed mainly by debt or equity in 2019? in 2020? Is the change in how assets were financed from 2019 to 2020 favourable or unfavourable?

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Expert Solution

ekkarill92 answered 1 year ago
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