Question

Prepare a December 31, 2023, balance sheet for Long Print Shop from the following: cash, $42,000; accounts payable, $30,000;

merchandise inventory, $16,000; Joe Ryan, capital, $50,000; and equipment, $22,000.
Long Print Shop
Balance Sheet
December 31, 2023
Assets
-
-
-
-
= total asset
→ Liabilities
-
-
Owner's Equity
-
Total liabilities and owner's equity

Answer 1

Step-by-step explanation:

Long Print Shop

Balance Sheet

December 31, 2023

Assets:

Cash: $42,000

Merchandise Inventory: $16,000

Equipment: $22,000

Total Assets: $80,000

Liabilities:

Accounts Payable: $30,000

Owner's Equity:

Joe Ryan, Capital: $50,000

Total Liabilities and Owner's Equity: $80,000

Please note that the balance sheet only includes the given information and does not account for any other possible assets, liabilities, or owner's equity that may exist.