Business, 21.02.2020 00:34 cheyennemitchel2680

Problem 1-06A bWildhorse Co. was formed on January 1, 2022. At December 31, 2022, Miko Liu, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows. Wildhorse Co. Balance SheetDecember 31, 2022AssetsLiabilities and Stockholders’ EquityCash$22,000Accounts payable$30,600Accounts receivable51,000Notes payable14,200Inventory38,000Boat loan19,700Boat23,500Stockholders’ equity70,000Miko willingly admits that she is not an accountant by training. She is concerned that her balance sheet might not be correct. She has provided you with the following additional information.1. The boat actually belongs to Miko, not to Wildhorse Co.. However, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. To be consistent, she also listed as a lia

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Problem 1-06A bWildhorse Co. was formed on January 1, 2022. At December 31, 2022, Miko Liu, the pres...

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