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The following information is available for Ivanhoe Company Accounts receivable $3,000 Cash $6,320 Accounts payable 4,000 Supplies 3,890 Interest payable 550 Unearned service revenue 830 Salaries and wages expense 4,100 Salaries and wages payable 820 Notes payable 33,000 Depreciation expense 610 Common stock 63,100 Equipment (net) 110,100 Inventory 2,880 Using the information above, prepare a balance sheet as of December 31, 2022. (Hint: Solve for the missing retained earnings amount after first determining total assets and total liabilities.) (List assets in order of liquidity.)
The following information is available for Ivanhoe Company Accounts receivable $3,000 Cash $6,320 Accounts payable 4,000 Supplies 3,890 Interest payable 550 Unearned service revenue 830 Salaries and wages expense 4,100 Salaries and wages payable 820 Notes payable 33,000 Depreciation expense 610 Common stock 63,100 Equipment (net) 110,100 Inventory 2,880 Using the information above, prepare a balance sheet as of December 31, 2022. (Hint: Solve for the missing retained earnings amount after first determining total assets and total liabilities.) (List assets in order of liquidity.)
Final Answer:Ivanhoe CompanyBalance Sheetas of December 31, 2022:Total Assets: $126,190, Total Liabilities: $39,200, Total Equity: $87,990.Explanation:To prepare Ivanhoe Company's balance sheet as of December 31, 2022, we first need to calculate the missing Retained Earnings. The Retained Earnings can be calculated using the formula:Retained Earnings= Total Assets - Total Liabilities - Common Stock1. We sum up the values of allassets: Cash ($6,320), Accounts Receivable ($3,000), Supplies ($3,890), Inventory ($2,880), and Equipment (net) ($110,100), which gives us Total Assets of $126,190.2. We sum up the values of all liabilities: Accounts Payable ($4,000), Interest Payable ($550), Unearned Service Revenue ($830), Salaries and Wages Payable ($820), and Notes Payable ($33,000), which gives us Total Liabilities of $39,200.3. Common Stock is given as $63,100.4. Now, we calculate Retained Earnings:Retained Earnings = $126,190 (Total Assets) - $39,200 (Total Liabilities) - $63,100 (Common Stock)Retained Earnings = $23,890So, the missing Retained Earnings is $23,890.Finally, we complete the balance sheet, listing assets in order of liquidity (from most liquid to least liquid) and ensuring that assets equal liabilities plus equity. Total Assets amount to $126,190,Total Liabilitiesamount to $39,200, and Total Equity (Common Stock + Retained Earnings) amounts to $87,990, confirming that the balance sheet is in balance.Learn more about:balance sheetsbrainly.com/question/26323001#SPJ11...