Question

The following information is available for Oriole Company

Accounts receivable $3,000 Cash $6,300
Accounts payable 4,400 Supplies 3,880
Interest payable 610 Unearned service revenue 860
Salaries and wages expense 4,700 Salaries and wages payable 890
Notes payable 32,000 Depreciation expense 760
Common stock 57,200 Equipment (net) 109,600
Inventory 2,940

Required:
Using the information above, prepare a balance sheet as of December 31, 2022.

Answer 1

Answer and Explanation:

The preparation of the balance sheet is presented below:

Assets Amount

Accounts receivable $3,000

Cash $6,300

Supplies $3,880

Equipment (net) $109,600

Inventory $2,940

Total assets $125,720

Liabilities and stockholder equity Amount

Accounts payable $4,400

Interest payable $610

Unearned service revenue $860

Salaries and wages payable $890

Notes payable $32,000

Common stock $57,200

Retained earning (bal figu) $29,760

Total liabilities & stockholder equity $125,720