11.Williams Company had the following account balances at December 31, 2007:
Buildings165,000
Cash48,000
Contributed capital150,000
Cost of goods sold180,000
Equipment70,000
Furniture8,000
Land80,000
Merchandise inventory66,000
Notes payable116,000
Retained earnings, January 10
Sales revenue400,000
Supplies inventory3,000
Utilities expense6,000
Wages expense40,000
Required:
Prepare a balance sheet at December 31, 2007.
12.Beltway Company had the following account balances at December 31, 2007:
Buildings335,000
Cash70,800
Contributed capital180,000
Cost of goods sold150,000
Equipment52,000
Fees earned for service5,000
Land80,000
Merchandise inventory34,000
Note payable to bank10,000
Loan payable to owner38,000
Retained earnings, beginning of year0
Sales revenue565,000
Interest expense1,200
Supplies expense11,000
Wages expense64,000
Required:
Prepare a balance sheet at December 31, 2007