Question

The following information is available for Sheridan Company

Accounts receivable

$3,100

Cash

$6,370

Accounts payable

4,100

Supplies

3,790

Interest payable

580

Unearned service revenue

800

Salaries and wages expense

4,100

Service revenue

42,500

Notes payable

33,000

Salaries and wages payable

870

Common stock

58,500

Depreciation expense

710

Inventory

2,900

Equipment (net)

109,200
The following information is available for Sheridan Company Accounts receivable $3,100 Cash $6,370 Accounts payable 4,100 Supplies 3,790 Interest payable 580 Unearned service revenue 800 Salaries and wages expense 4,100 Service revenue 42,500 Notes payable 33,000 Salaries and wages payable 870 Common stock 58,500 Depreciation expense 710 Inventory 2,900 Equipment (net) 109,200

Answer 1

			Balance sheet
						$	$
			Assets
	Cash						6370
	Accounts receivable						3100
	Inventory						2900
	Supplies						3790
	Equipment						109200
	Total Assets						125360
		Liabilities and stockholder's equity
	Liabilities
	Accounts payable					4100
	Salaries and wages payable					870
	Interest payable					580
	Unearned service revenue					800
	Notes payable					33000
	Total liabilities						39350
	Stockholder's equity
	Common stock					58500
	Retained earnings			(Balancing figure)		27510
	Total stockholder's equity						86010
	Total liabilities and stockholder's equity						125360