Question

The following account balances were taken from the 2018 post-closing trial balance of the Bowler Corporation:

cash, $5,000

accounts receivable, $10,000

inventory, $16,000

equipment, $100,000

accumulated depreciation—equipment, $40,000

accounts payable, $20,000

 salaries payable, $12,000

retained earnings, $9,000

 and common stock, $50,000.

Prepare a 12/31/18 balance sheet

Answer 1

Balance Sheet : A balance sheet is a financial position statement that represents all of a company's assets, liabilities, and stockholder's equity as of a specific date. The balance sheet shows that on a specific date, all of a company's assets must equal the sum of its liabilities and stockholders' equity.

Bowler Corporation

Balance sheet 

As on December 31,2018

Assets	Amount$	Amount$
Current assets :
Cash		5,000
Accounts receivable		10,000
Inventory		16,000
Total current assets		31,000
Property & Equipment assets :
Equipment	1,00,000
Less : Accumulated Depreciation	40,000	60,000
Total assets		91,000
Liabilities & Stockholder's Equity
Current liabilities :
Accounts payable		20,000
Salaries payable		12,000
Total current liabilities		32,000
Total liabilities		32,000
Stockholder's Equity
Common Stock	50,000
Retained earnings	9,000
Total Stockholder's Equity		59,000
Total liabilities & Stockholder's Equity		91,000

 

Therefore, Balance sheet for Bowler corporation as on December 31,2018