Below Is the Balance Sheet for Janice Company: Janice Company
Question 1
Question 1
Multiple Choice
Below is the balance sheet for Janice Company: Janice Company Balance Sheet December 31 , Current assets: Cash Accounts receivable Inventory Prepaid insurance Total current assets Long-term assets: Fixed assets Less: Accumulated depreciation Total long-term assets Total assets Current liabilities: Accounts payable Wages payable total current liabilities Long-term liabilities: Notes payable Total liabilities Owners’ equity: Common stock Retained income Total owners’ equity Total liabilities and owners’ equity 20X6$38043023832$1,080$406272) $134$1,214$17638$214420$634$190390$580$1,21420X5$24219438876$900$452228) $224$1,124$15232$184420604$160360$520$1,214 If a common-size balance sheet were prepared, _____ would be attributable to the 20X5 accounts payable of Janice Company.
