## Question

###### Please complete balance sheet The trial balance for K and J Nursery, Inc., listed the following...

please complete balance sheet

The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $20,000; accounts receivable, $15,000; inventory, $29,000; equipment (net). $84,000; accounts payable, $18,000: salaries payable. $7,000; interest payable, $3,000; notes payable (due in 18 months). $34,000; common stock, $58,000. Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $135,000. (Amounts to be deducted should be indicated by a minus sign.) K AND J NURSERY, INC. Balance Sheet At December 31, 2021 Assets Current assets Cash Accounts receivable Inventory 20,000 15,000 29,000 64,000 135.000 (51.000) Total current assets Property, plant, and equipment Equipment $ Accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Shareholders' Equity Current liabilities Accounts payable Salaries payable Interest payable 84,000 148.000 18,000 7,000 3,000 28,000 Total current liabilities Long-term liabilities Notes payable 34,000 62,000 Total liabilities Shareholders' equity

Liabilities and Shareholders' Equity | $ Current liabilities Accounts payable Salaries payable Interest payable 18,000 7,000 3,000 28,000 Total current liabilities Long-term liabilities Notes payable 34,000 62,000 Total liabilities Shareholders' equity Common stock Retained earnings $ 58,000 Total shareholders' equity Total liabilities and shareholders' equity 58,000 120,000 $

## Answers

$ 64,000 $ $ 84,000 1,48,000 Balance Sheet Assets Current Assets Cash | $ 20,000 Accounts Receivable $ 15,000 Inventory $ 29,000 Total Current Assets Property,Plant & Equipment Equipment $ 1,35,000 Less:Accumulated Depreciation $ -51,000 Net Property, plant & equipment Total Assets Liabilities & Stockholder's Equity Current Liabilities Accounts Payable $ 18,000 Salaries Payable $ 7,000 Interest Payable $ 3,000 Total Current Liabilities Long term liabilities Notes payable Total Liabilities Shareholder's Equity Common Stock $ 58,000 Retained Earnings $ 28,000 Total Shareholder's Equity Total Liabilities and Stockholder's Equity $ 28,000 $ $ 34,000 62,000 $ $ 86,000 1,48,000 Retained Earnings(bal figure) Total assets-Liabilities- Common Stock =148000-62000-58000 =28000

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