Question

These items are taken from the financial statements of Bramble Corp. for 2017 Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $34,620 2,170 69,620 21,440 12,670 4,860 12,000 12,000 71,180 5,360 1,630 3,150 14,840 2,650 40,180 20,170

Create a balance sheet

Answer 1

Bramble Corp BALANCE SHEET Decemeber 31,2017 Current Assets Cash Accounts receivable Prepaid Insurance $ 12,670 $14,840 $ 5,360 Total current assets $32,870 Equipment $ 69,620 less accumulated depreciation Total Assets $ 20,17049,450 $ 82,320 Liabilities Current Liabilities Accounts payable Salaries and wages payable S21,440 $ 4,860 Total Current Liabilities $ 26,300 Total Liabilities $ 26,300 Stockholders' Equity Capital Stock Retained Earnings(Beginning balance+net income- Dividends declared and paid) (WN: 1) $ 12,000 $ 44,020 ($34,620+$21,400-$12,000) Total Stockholder's equity Total liabilities and stockholders' equity $56,020 $ 82,320

Working note 1: Bramble Corp Income Statement Decemeber 31,2017 Sales revenue $ 71,180 Operating Expenses Operating expense Depreciation Expense $ 46,630 $ 3,150 $ 49,780 S 21,400 Total Operating expense Income from Operation