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Completion of Balance Sheet

Question 31

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Completion of balance sheet
Use the following information to complete the December 31,2014 balance sheet of Copper Supplies Company.
(1)Owners' equity as of January 1,2014,totaled $175,000,which included capital stock of $150,000.
(2)Additional capital stock was issued during 2014 in exchange for $40,000 cash.
(3)Net income for 2014 amounted to $200,000; no dividends were paid during 2014.
(4)Cash and accounts receivable together amount to 3 times as much as accounts payable. Completion of balance sheet Use the following information to complete the December 31,2014 balance sheet of Copper Supplies Company. (1)Owners' equity as of January 1,2014,totaled $175,000,which included capital stock of $150,000. (2)Additional capital stock was issued during 2014 in exchange for $40,000 cash. (3)Net income for 2014 amounted to $200,000; no dividends were paid during 2014. (4)Cash and accounts receivable together amount to 3 times as much as accounts payable.

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