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Konkweiser Inc. prepares quarterly financial statements. The balance sheet at 12/31/15 is presented below. Balance Sheet 12/31/2015 Cash $ 24,300 Accounts payable $ 12,370 Accounts receivable
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Konkweiser Inc. prepares quarterly financial statements. The balance sheet at 12/31/15 is presented below.
Balance Sheet
12/31/2015
Cash $ 24,300 Accounts payable $ 12,370
Accounts receivable 22,400 Common stock 90,000
Allowance for doubtful accounts (1,200) Retained earnings 53,130
Equipment 20,000
Accumulated depreciation - equipment (15,000)
Land 20,000
Building 100,000
Accumulated depreciation - building (15,000)
$ 155,500 $155,500
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Accounts
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$140000 ***
Cash
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$12000
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960000
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300000 ********
Payable
660000
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