The Monk Company reports the following accounts and balances on December 31,2015.
$$\begin{array} { l l }
\text { Accounts Payable } & \$ 14,400 \
\text { Accounts Receivable } & 8,000 \
\text { Cash } & 26,000 \
\text { Equipment } & 80,000 \
\text { Land } & 56,000 \
\text { Long-term Note Payable } & 70,000 \
\text { Merchandise Inventory } & 28,000 \
\text { Paid-in Capital } & ? \
\text { Retained Earnings } & 14,400
\end{array}$$
Required:
Prepare a balance sheet at December 31,2015.

Question

The Monk Company reports the following accounts and balances on December 31,2015.
 $$\begin{array} { l l } 
\text { Accounts Payable } & \$ 14,400 \
\text { Accounts Receivable } & 8,000 \
\text { Cash } & 26,000 \
\text { Equipment } & 80,000 \
\text { Land } & 56,000 \
\text { Long-term Note Payable } & 70,000 \
\text { Merchandise Inventory } & 28,000 \
\text { Paid-in Capital } & ? \
\text { Retained Earnings } & 14,400
\end{array}$$ 
Required:
Prepare a balance sheet at December 31,2015.

Quizplus · Accepted Answer

The Answer of The Monk Company reports the following accounts and balances on December 31,2015.
 $$\begin{array} { l l } 
\text { Accounts Payable } & \$ 14,400 \
\text { Accounts Receivable } & 8,000 \
\text { Cash } & 26,000 \
\text { Equipment } & 80,000 \
\text { Land } & 56,000 \
\text { Long-term Note Payable } & 70,000 \
\text { Merchandise Inventory } & 28,000 \
\text { Paid-in Capital } & ? \
\text { Retained Earnings } & 14,400
\end{array}$$ 
Required:
Prepare a balance sheet at December 31,2015.

The Monk Company Reports the Following Accounts and Balances on December