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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    Credit * –General ******** ******

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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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