Williams Company reports the following accounts and balances at December 1,2015:
The transactions for Williams Company for the month of December,2015 follow:
1.Collected $9,200 from credit customers.
2.Paid $8,000 of the amount owed on account.
3.Sold inventory at cost for $2,400 and received cash.
4.Borrowed $4,000 in short-term notes payable.
Required:
Prepare a balance sheet at December 31,2015 after considering the transactions above.Ignore depreciation expense and interest expense.

Question

Williams Company reports the following accounts and balances at December 1,2015:
  The transactions for Williams Company for the month of December,2015 follow:
1.Collected $9,200 from credit customers.
2.Paid $8,000 of the amount owed on account.
3.Sold inventory at cost for $2,400 and received cash.
4.Borrowed $4,000 in short-term notes payable.
Required:
Prepare a balance sheet at December 31,2015 after considering the transactions above.Ignore depreciation expense and interest expense.

Quizplus · Accepted Answer

The Answer of Williams Company reports the following accounts and balances at December 1,2015:
  The transactions for Williams Company for the month of December,2015 follow:
1.Collected $9,200 from credit customers.
2.Paid $8,000 of the amount owed on account.
3.Sold inventory at cost for $2,400 and received cash.
4.Borrowed $4,000 in short-term notes payable.
Required:
Prepare a balance sheet at December 31,2015 after considering the transactions above.Ignore depreciation expense and interest expense.

Williams Company Reports the Following Accounts and Balances at December