Young Company Reported the Following Balance Sheet for the End

question 132

Essay

Young Company reported the following balance sheet for the end of Year 1:
$\begin{array}{c}\text { Young Company }\\\text { Balance Sheet}\\\text { For the Year Ended December 31, Year 1}\\\begin{array}{lr}\text { Assets: }\\\\\text { Cash } & \$ 58,800 \\\text { Land } & \underline{ 25,500} \\\text { Total assets } & \underline{ \$ 84,300 }\\\text { Liabilities: }\\\\\text { Motes payable}&\\\text { stockholders' equity:}&\underline{\$18,000}\\\\\text { Common stock } & 50,000 \\\text { Retained earnings } & \underline{16,300} \\\text { Total stockholders' equity } & \underline{66,300 }\\\text { Total liabilities and stockholders' equity } & \underline{\$ 84,300}\end{array}\end{array}$
During Year 2, Young reported the following transactions:Repaid $9,000 to a local bank on a note payableProvided services to clients for $27,400 cashPaid operating expenses of $20,200Paid $4,500 cash dividends to stockholders
Required:
Prepare Young Company's balance sheet as of December 31, Year 2.

---

Definitions:

Oscillation Frequency

The rate at which an object or system oscillates, usually measured in cycles per second or Hertz (Hz).

Dampen

Synonymous with damp.

Suspension Components

Parts like springs, shock absorbers, and struts that are used to support a vehicle's frame, body, engine, and systems while driving over uneven surfaces.

Spring Shackles

Components used to attach leaf springs to the frame of a vehicle, allowing for movement and flexibility in the suspension system.