GRADING: Worth 15 points. Partially completed problems will not be accepted. If you complete all items requested, you will earn at least half the points. The remaining points are dependent on accuracy of your answers!

Cheating: Anyone who is discovered copying or allowing someone else to copy their answer will forfeit ALL extra credit points (and the opportunity to earn extra credit) for the entire semester.

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