Konkweiser Inc. prepares quarterly financial statements. The balance sheet at 12/31/15 is presented below. Balance Sheet 12/31/2015 Cash $ 24,300 Accounts payable $ 12,370 Accounts receivable

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Konkweiser Inc. prepares quarterly financial statements. The balance sheet at 12/31/15 is presented below.

Balance Sheet

12/31/2015

Cash $ 24,300 Accounts payable $ 12,370 

Accounts receivable 22,400 Common stock 90,000 

Allowance for doubtful accounts (1,200) Retained earnings 53,130 

Equipment 20,000 

Accumulated depreciation – equipment (15,000)

Land 20,000 

Building 100,000 

Accumulated depreciation – building (15,000)

$ 155,500 $155,500