Wylie Company Has Just Completed Operations for the Year Ended

question 88

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 company is a sole proprietorship.The following data have been assembled for the business.There were no new capital contributions during the year.
$$\begin{array} { | l | r| r | r | } \hline \text { Accounts Payable } & \$ 12,200 & \text { Office Expense } & \$ 6,500 \\\hline \text { Accounts Receivable } & 14,500 & \text { Rent Expense } & 9,600 \\\hline \text { Cash } & 8,200 & \text { Wylie, Capital, Jan. 1,2018 } & 17,300 \\\hline \text { Wylie, Withdrawals } & 13,500 & \text { Salaries Expense } & 36,000 \\\hline \text { Equipment } & 15,000 & \text { Service Revenue } & 84,000 \\\hline \text { Insurance Expense } & 4,000 & \text { Utilities Expense } & 6,200 \\\hline\end{array}$$ Prepare the balance sheet at December 31,2018.Use a proper heading.

---

Definitions:

Productivity Through People

A management philosophy emphasizing the empowerment and involvement of employees in decision-making processes to improve performance and productivity.

Contingency Thinking

Contingency thinking is an approach that considers the possible variations in a situation and plans for multiple potential scenarios, acknowledging that there is no one-size-fits-all strategy.

Uncertain Environment

Lacks so much information that it is difficult to assign probabilities to the likely outcomes of alternatives.

Stable Environment

An environment characterized by predictability, consistency, and minimal change, allowing organizations to plan with greater certainty.