2) Prepare a statement of owner's equity for Nolan Company for the year ended Decembe 31, 2020. The owner invested $5,500 during the current year (Cell D52). Hint: You must
calculate the beginning balance in the capital account.
Nolan Company
Statement of Owner's Equity
For Year Ended December 31, 2020
Nolan, Capital, January 1, 2020
Investment by owner
Net income
Subtotal
Withdrawals by owner
Nolan, Capital, December 31, 2020
5,500
2.100
1,500
3) Prepare a balance sheet for Nolan Company at December 31, 2020.
Nolan Company
Balance Sheet
December 31, 2020
Assets
$5,600
1,300
11,000
3,700
27,300
Cash
Accounts receivable
Inventory
Prepaid rent
Buildings
Total assets
$48,900
Liabilities and Equity
$7,500
4,300
$11,800
Llabilities
Accounts payable
Unearned subscriptions
Total liabilities
Equity
Nolan, Capital
Total liabilities and equity
$57,000

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Answerfewer;

An advantage of offering more lenient credit terms is that it a firm to increase sales.

The accounting entry for raw materials or indirect materials such as glue, etc. requisitioned for use in production is considered as b. work-in-process inventory accounts payable because the material is still in requisition status and has not been bought yet. not yet paid and further not used yet.