Complete the December 31, 2016 (First Year of Operation) Balance

question 31

Essay

Complete the December 31, 2016 (first year of operation) Balance sheet for Lincoln Company using the following information:
(a) Retained earnings at December 31, 2016 was $51,000.
(b) Total stockholders' equity at January 1, 2016 was $139,000.
(c) On December 30, 2016, additional capital stock was sold for cash, $55,000
(d) The land and building were purchased on December 30, 2016 for $150,000.
​ Lincoln Company
Balance Sheet
December 31,2016
$\begin{array}{lclc}\text {Assets }&&\text { Liabilities \& Stockholders' Equity }\\ \hline \text { Cash } & \$ 80,000 &\text {Liabilities: }&\\ \text { Accounts receivable } & {?}&\text { Notes payable}&? \\ \text { Land } &{112,000}&\text { Accounts payable}&45,000\\\text { Buildings } &{?}&\text { Total liabilities}&?\\ \text { Equipment }&{30,000}&\text {Stockhol ders' equity: }&\\&&\text {Capital Stock }&?\\&&\text {Retained earnings }&?\\&&\text {Total liabilities and }&\\\text {Total assets }&\$---&\text { stockholders' equity}&\$390,000\\\end{array}$

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Definitions:

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Victorians

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