Question

Consider the following account balances of the Shattuck Law Firm at the end of the year: Accounts Payable $4,400 Salaries Expense 12,800 Cash 1,700 Common Stock 2,400 Service Revenue 8,300 Supplies 4,300 Retained Earnings 1,100 Utilities Expense 5,000 How many of these accounts would appear in Shattuck's year-end balance sheet?

Answer 1

The accounts that would appear in Shattuck Law Firm's year-end balance sheet are Accounts Payable, Cash, Common Stock, Supplies, and Retained Earnings.

Step-by-step explanation:

A balance sheet is a financial statement that shows a company's financial position at a specific point in time. It presents a summary of a company's assets, liabilities, and shareholders' equity. Based on the account balances given, the accounts that would appear in Shattuck Law Firm's year-end balance sheet are:

• Accounts Payable
• Cash
• Common Stock
• Supplies
• Retained Earnings

These accounts represent assets, liabilities, and shareholders' equity that need to be reported in the balance sheet.

Answer 2

Accounts payable, cash,common stock, supplies and retained earnings.

Step-by-step explanation:

Balance sheet depicts the position of an organization with respect to assets and liabilities as on a particular date. It is mostly prepared at the end of the financial year but can be prepared quarterly or semi- annually as well.

Both balances of assets and liabilities should match. All incomes and expenses are included in profit and loss account. Net profit/loss is computed based on profit and loss account. Assets and liabilities balances that are carried forward to next year appear in balance sheet.

Following accounts appear in balance sheet:

Accounts payable $4,400 as it is a current liability

Cash $1,700 as it is a current asset

Common stock $2,400 appears in liabilities side of balance sheet

Supplies $4,300 as it is a current asset

Retained earnings $1,100 appear in equity section of liabilities in the balance sheet.

Service revenue, salaries expense and utilities expense are charged to income statement.