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problem: From the following accounts & amounts create a balance sheet for Prince Company for December 31, 2007. You must find out the money for retained earnings to complete the balance sheet.

Accounts Payable


Accounts Receivable




Capital Stock






Insurance Expense




Notes Payable


Sales Revenue


Salaries Expense


On April 30, 2007, balance sheet of Japan Collectibles showed total assets of $800,000, total liabilities of $500,000, and owners' equity of $300,000. The following transactions occurred in May of 2007:

[A] Capital stock was issued in exchange for dollar 175,000 cash.

[B] The business purchased machine for $380,000, paying $180,000 cash & issuing a note payable for $200,000.

[C] The business paid off dollar 80,000 of its accounts payable.

[D] The business collected dollar 64,000 of its accounts receivable.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922620

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