Wylie Company Has Just Completed Operations for the Year Ended

question 162

Essay

Wylie Company has just completed operations for the year ended December 31, 2018. This is the second year of operations for the company. The following data have been assembled for the business.
$$\begin{array} { | l | r | r | r | } \hline \text { Accounts Payable } & \$ 12,200 & \text { Office Expense } & \$ 6,500 \\\hline \text { Accounts Receivable } & 14,500 & \text { Rent Expense } & 9,600 \\\hline \text { Cash } & 8,200 & \text { Retained Earnings, Jan. 1, 2018 } & 8,300 \\\hline \text { Common Stock } & 9,000 & \text { Salaries Expense } & 36,000 \\\hline \text { Dividends } & 13,500 & \text { Service Revenue } & 84,000 \\\hline \text { Equipment } & 15,000 & \text { Utilities Expense } & 6,200 \\\hline \text { Insurance Expense } & 4,000 & & \\\hline\end{array}$$ Prepare the balance sheet at December 31, 2018. Use a proper heading.

---

Definitions:

Operating Cash Flow

The cash generated by a company's normal business operations, reflecting its ability to generate sufficient cash to meet its needs.

Net New Borrowing

Net new borrowing is the difference between the amounts a company borrows and repays during a specific period, reflecting changes in its debt level.

Net New Equity

The difference between equity capital raised by issuing new shares and the equity capital reduced by buying back shares.

Dividends Paid

Payments made by a corporation to its shareholder members, distributing a portion of the company’s earnings.