Mustang Motors. has the following assets, liabilities, revenues and expenses for the current year. The...
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Accounting
Mustang Motors. has the following assets, liabilities, revenues and expenses for the current year. The accounts are listed below in alphabetical order. The company has a December 31st year end.
Accounts receivable
$27,000
Office equipment
$59,500
Accounts payable
38,500
Office supplies
5,000
Building
45,000
Service revenue
102,000
Cash
60,000
Supplies expense
8,000
Commission expense
24,500
Utilities expense
18,500
Common stock
42,500
Wage expense
65,500
Interest payable
10,800
Deferred revenue
8,200
Land
40,000
Beginning retained earnings was $154,000 and dividends were $3,000 for the year. Prepare the balance sheet for the current year.
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