Answer:
Ivanhoe Company
Balance Sheet
As of December 31, 2022:
Assets:
Current assets:
Cash $6,210
Accounts receivable 3,500
Supplies 2,830 $12,540
Long-term assets:
Equipment (net) 108,600
Total assets $121,140
Liabilities and Equity:
Liabilities:
Current Liabilities:
Accounts payable $4,000
Interest payable 640
Unearned service revenue 930
Salaries and wages payable 900
Total current liabilities $6,470
Long-term liabilities:
Notes payable 32,000
Total liabilities $38,470
Equity:
Common stock 68,900
Retained earnings 35,170 $104,070
Total liabilities + equity $142,540
There is a discrepancy in the totals of $21,400.
Step-by-step explanation:
a) Data and Calculations:
Cash $6,210
Accounts receivable $3,500
Supplies 3,810
Accounts payable 4,000
Interest payable 640
Unearned service revenue 930
Salaries and wages payable 900
Service revenue 41,200
Salaries and wages expense 4,300
Depreciation expense 750
Notes payable 32,000
Common stock 68,900
Inventory 2,830
Equipment (net) 108,600
Supplies Expense:
Supplies 3,810
Inventory 2,830
Used 980
Income Statement for the year ended December 31, 2022:
Service revenue $41,200
Salaries and wages expense 4,300
Depreciation expense 750
Supplies Expenses 980
Net Income $35,170