Create a Balance Sheets for the following scenarios Transaction 1 Receive Cash for service $5000 2...

Create a Balance Sheets for the following scenarios

Transaction 1 Receive Cash for service $5000

2 Accounts receivable $1500

3 Office equipment purchase $6500

4 Supplies on Accounts Payable $2000

5 Owner Capitol (input) $7000

6 Owner withdrawal $ 100

7 Paid for Services provided $3000

8 Office Salary paid $ 500

9 Utilities Paid $ 350

10 Office rent paid $ 500

Expert Solution

ekkarill92 answered 5 months ago

BALANCE SHEETS: Assets: Cash &nbs

BALANCE SHEETS: Assets: Cash 120,000 160,000 Accounts Receivable 520,000 620,000 Inventory 305,000 290,000 Fixed Assets, net 410,000 510,000 Total Assets 1,355,000 1,580,000 Liabilities and Equity: Accounts Payable 350,000 $375,000 Long-term Debt 500,000 625,000 Common Stock 50,000 75,000 Retained Earnings 455,000 505,000 Total Liabilities and Equity 1,355,000 1,580,000 INCOME STATEMENT: Revenue 3,500,000 Cost of Goods Sold 2,275,000 General and Administrative 515,000 Depreciation Expense 120,000 Earnings Before Interest and Taxes 590,000 Interest Expense 40,000 Pretax Net Income 550,000 Income Taxes 167,000 Net Income 383,000 What was Gannon’s investment in net working capital for 2017?

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