Question

From the following prepare a balance sheet for Moll Company as of December 31, 2013. Remember, the sheet MUST balance! What do you use to make sure that it balances? Building $70,000 Mortgage note payable $44,000 Merchandise inventory $15,000 Common stock $26,000 Cash $4,000 Retained earnings $?????? Land $20,000 Accounts receivable $8,000 Accounts payable $18,000 Salaries payable $8,000 Prepaid rent $10,000

Answer 1

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MOLL COMPANY
Balance Sheet
December 31, 2013.
Assets
Current assets:
Cash	$4,000
Inventory	$15,000
Accounts receivable	$8,000
Prepaid rent	$10,000
Total current assets		$37,000
Property, plant, and equipment:
Buildings	$70,000
land	$20,000	$90,000
Total assets		$127,000
Liabilities and Stockholders equity
liabilities:
Accounts payable	$18,000
Salaries payable	$8,000
Mortagage note payable	$44,000
Total liabilities		$70,000
Stockholders equity
Common Stock	$26,000
Retained Earnings	$31,000
Total Stockholders equity		$57,000.00
Total Liabilities and Stockholders equity		$127,000