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Yang Company reported the following balance sheet for the end of 2012:
During 2013, Yang reported the following transactions:
• Repaid $8,000 to a local bank on a note payable
• Provided services to clients for $26,400 cash
• Paid operating expenses of $19,200
• Paid $3,500 cash dividends to stockholders
Required:
Prepare Yang Company's balance sheet as of December 31, 2013.
HDC
Holder in Due Course, a term in negotiable instruments law referring to someone who has acquired a negotiable instrument in good faith for value, with certain protections.
Promissory Note
A financial instrument containing a written promise by one party to pay another party a definite sum of money at a specified future date or on demand.
Illegal Transaction
A deal or exchange that violates state or federal laws and is therefore void and unenforceable.
Russia
A country extending over much of northern Eurasia, with a complex history, rich culture, and significant influence in global affairs.
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