Prepare a April 30 Balance Sheet in Proper Form for Two

question 241

Essay

Prepare a April 30 balance sheet in proper form for Two Rivers Vending Service from the following alphabetical list of the accounts at April 30:
$\begin{array}{llr} \text { Accounts receivable} &\$10,000\\ \text { Accounts payable } &18,000\\ \text {Building } &28,000\\ \text { Cash } &10,000\\ \text { Notes payable} &47,000\\ \text { Office equipment} &12,000\\ \text { Stockholders' equity } &?\\ \text {Trucks } &55,000\\\end{array}$

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Definitions:

Salaries Payable

An account that records the amounts owed to employees for work performed that has not yet been paid.

Social Security Tax

A tax that both employers and employees pay to fund the Social Security program, which provides benefits for retirees, disabled workers, and survivors.

Unfunded Pension Liability

The gap between the projected benefits of a pension plan and the assets available to fund those benefits.

Pension Rights

The entitlements that employees accumulate over time that entitle them to receive benefits from a pension plan upon retirement.