Completion of Balance Sheet

question 31

Essay

Completion of balance sheet
Use the following information to complete the December 31,2014 balance sheet of Copper Supplies Company.
(1)Owners' equity as of January 1,2014,totaled $175,000,which included capital stock of $150,000.
(2)Additional capital stock was issued during 2014 in exchange for $40,000 cash.
(3)Net income for 2014 amounted to $200,000; no dividends were paid during 2014.
(4)Cash and accounts receivable together amount to 3 times as much as accounts payable.

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Definitions:

Due Date

The specified day by which an obligation must be fulfilled or a task completed.

Indorsement

A signature or stamp placed on a document that confirms and details the signing authority's approval of the document.

Warranty Liability

The legal obligation of a seller to compensate the buyer for defects or issues with a product or service that were guaranteed against in a warranty.

Good Faith

Conducting oneself with honesty and sincerity without intending to defraud or deceive others.