Posted: February 8th, 2017

Mullen’s Hardware Balance Sheet •Total assets: $131,000. •Total liabilities: $29,000. •Total liabilities and owner’s equity: $131,000.

Prepare a balance sheet for Mullen’s Hardware for December 31 of last year. The company assets are cash $15,000, accounts receivable $21,000, and merchandise inventory $95,000. The liabilities are accounts payable $12,000 and wages payable $17,000. The owner’s capital is $102,000.

Mullen’s Hardware Balance Sheet •Total assets: $131,000. •Total liabilities: $29,000. •Total liabilities and owner’s equity: $131,000.

Mullen’s Hardware Balance Sheet •Total assets: $131,000. •Total liabilities: $12,000. •Total liabilities and owner’s equity: $131,000.

Mullen’s Hardware Balance Sheet •Total assets: $95,000. •Total liabilities: $12,000. •Total liabilities and owner’s equity: $102,000.

Mullen’s Hardware Balance Sheet •Total assets: $131,000. •Total liabilities: $17,000. •Total liabilities and owner’s equity: $17,000.