Brief Exercise 15 In alphabetical order below are balance sh

Brief Exercise 1-5 In alphabetical order below are balance sheet items for Karol Company at December 31, 2017. Accounts payable Accounts receivable Cash Common stock Retained earnings $65,000 71,000 22,000 18,000 10,000 Prepare a balance sheet. (List assets in order of liquidity.) Karol Company Balance Sheet Assets Liabilities and Stockholders\' Equity

Solution

Prepare balance sheet :

ASSETS
Cash		22000
Account receivable		71000
TOTAL ASSETS		93000
LIABILITIES AND STOCKHOLDER\'S EQUITY
LIABILITIES
Account payable		65000
STOCKHOLDER\'S EQUITY
Common stock	18000
Retained earnings	10000
		28000
TOTAL LIABILITIES AND STOCKHOLDER\'S EQUITY		93000