The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2023 and 2022: December 31 2023 Cash Accounts receivable office supplies Trucks office equipment Land Building Accounts payable Notes payable 2022 $ 10,125 $27,000 11,675 14,750 1,900 2,500 32,000 32,000 78,500 74,000 27,500 95,000 19,500 57,500 4,000 During December 2023 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to the new building. The building and the land it occupies cost $122,500. The business paid $65,000 in cash and a note payable was signed for the balance. LeClaire had to invest $18,000 cash in the business to enable it to pay the $65,000. The business earned a profit during 2023, which enabled LeClaire to withdraw $2,000 per month from the business for personal expenses. Required: 1-a. Prepare balance sheet for the business as of the end of 2022.

The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2023 and 2022: December 31 2023 Cash Accounts receivable office supplies Trucks office equipment Land Building Accounts payable Notes payable 2022 $ 10,125 $27,000 11,675 14,750 1,900 2,500 32,000 32,000 78,500 74,000 27,500 95,000 19,500 57,500 4,000 During December 2023 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to the new building. The building and the land it occupies cost $122,500. The business paid $65,000 in cash and a note payable was signed for the balance. LeClaire had to invest $18,000 cash in the business to enable it to pay the $65,000. The business earned a profit during 2023, which enabled LeClaire to withdraw $2,000 per month from the business for personal expenses. Required: 1-a. Prepare balance sheet for the business as of the end of 2022.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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