Question

I need a balance sheet for this question.

Exercise 3-21

The accounts in the ledger of Wildhorse Delivery Service contain the following balances on July 31, 2022.

Accounts Receivable		$14,800		Prepaid Insurance		$ 3,500
Accounts Payable		9,800		Service Revenue		17,200
Cash		?		Dividends		820
Equipment		59,490		Common Stock		40,130
Maintenance and Repairs Expense		3,658		Salaries and Wages Expense		9,128
Insurance Expense		780		Salaries and Wages Payable		990
Notes Payable (due 2025)		30,150		Retained Earnings (July 1, 2022)		6,500

Answer 1

Income Statement
Service revenue	17,200
Expenses:
Maintenance and repairs expense	-3,658
Insurance expense	-780
Salaries and wages expense	-9,128
Net Income	$3,634

Statement of Retained Earnings
Retained earnings, beginning	6,500
Net income	3,634
	$10,134
Dividends	-820
Retained earnings, ending	$9,314

Balance Sheet
Assets	$	Liabilities $ Stockholders Equity	$
Current Assets:		Current Liabilities:
Cash (balancing figure)	12,594	Accounts payable	9,800
Accounts receivable	14,800	Salaries and wages payable	990
Prepaid insurance	3,500	Total current liabilities	$10,790
Total current assets	$30,894	Long term liabilities:
Plant assets:		Note payable	30,150
Equipment	59,490	Total long term liabilities	$30,150
Total plant assets	$59,490	Stockholders Equity:
		Common stock	40,130
		Retained earnings, ending	9,314
		Total stockholders equity	$49,444
Total Assets	$90,384	Total Liabilities & Stockholders Equity	$90,384

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