Williams Company Reports the Following Accounts and Balances at December

question 132

Essay

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.

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Definitions:

Apparent Authority

The appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created.

Doctrine of Estoppel

A legal principle that prevents a person from asserting something contrary to what is implied by a previous action or statement by them, or by a previous relevant judicial determination.

Expressly Bind

To clearly, explicitly, or directly impose a legal obligation or duty.

Principal's Identity

Refers to the clear disclosure or acknowledgment of the principal party in an agency relationship.