Survey of Accounting 2nd Edition by Paul D. Kimmel Test bank

      Cash                                                                              11,000
      Common stock                                                               80,000
      Land                                                                             31,000
      Equipment                                                                     10,000
      Retained earnings                                                          41,000
 
Ans: N/A, LO: 3, Bloom: AP, Difficulty: Medium, Min: 5, AACSB: Analytic, AICPA BB: Legal/Regulatory Perspective, AICPA FC: Reporting, AICPA PC: Problem Solving, IMA: Reporting
 
Solution 191         
NOLAN COMPANY
Balance Sheet
December 31, 2022
 
ASSETS
Cash                                                                                           $11,000
Accounts receivable                                                                           15,000
Equipment                                                                           10,000
Buildings                                                                             65,000
Land                                                                                              31,000