Prepare a December 31 Balance Sheet in Proper Form for Cane

question 256

Essay

Prepare a December 31 balance sheet in proper form for Cane Property Management, Inc. using the following accounts and amounts: $\begin{array}{llcc} \text { Commissions earned..................} &\$40,000\\ \text {Accounts payable...................... } &3,500\\ \text { Accounts receivable................. } &5,000\\ \text {Stockholders' equity................. } &104,500\\ \text {Office equipment..................... } &10,000\\ \text { Advertising expense...............} &3,200\\ \text { Cash...................................... } &7,500\\ \text { Land...................................... } &35,000\\ \text { Note payable.......................... } &50,000\\ \text {Office supplies......................... } &1,500\\ \text { Salaries expense...................... } &12,000\\ \text { Salaries payable...................... } &1,000\\ \text { Building.................................. } &100,000\\\end{array}$

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Definitions:

Factors Of Production

Inputs necessary for the creation of goods and services, including labor, land, capital, and entrepreneurship.

Circular-Flow Diagram

A visual model of the economy that shows how dollars flow through markets among households and firms, illustrating the interactions between key sectors of the economy.

Factors Of Production

Resources used in the creation of goods and services, traditionally categorized into land, labor, capital, and entrepreneurship.

Doghouses

Small shelters provided for dogs, typically placed outdoors, offering protection and a comfortable space for pets.