Posted: February 8th, 2017

. The liabilities are accounts payable $23,000, wages payable $22,000, and mortgage note payable $87,000. The owner’s capital is $89,000.

Prepare a balance sheet for Jake’s Janitorial Service for December 31 of last year. The company assets are cash $16,000, accounts receivable $58,000, merchandise inventory $50,000, and equipment $97,000. The liabilities are accounts payable $23,000, wages payable $22,000, and mortgage note payable ,000. The owner’s capital is $89,000.

Jake’s Janitorial Service Balance Sheet •Total assets: $221,000. •Total liabilities: $110,000. •Total liabilities and owner’s equity: $89,000.

Jake’s Janitorial Service Balance Sheet •Total assets: $221,000. •Total liabilities: $132,000. •Total liabilities and owner’s equity: $89,000.

Jake’s Janitorial Service Balance Sheet •Total assets: $221,000. •Total liabilities: $132,000. •Total liabilities and owner’s equity: $221,000.

Jake’s Janitorial Service Balance Sheet •Total assets: $124,000. •Total liabilities: $132,000. •Total liabilities and owner’s equity: $89,000.