Use the following information to complete the balance sheet
(1) The company was organized on January 1, 2005, and has operated for the full year 2005.
(2) Earnings have amounted to $275,000, and dividends of $70,000 have been paid to stockholders.
(3) Cash and accounts receivable together amount to one and one-half times as much as notes payable.
Balance Sheet
Assets
Cash $
Accounts receivable 85,000
Land 184,000
Building 250,000
Equipment 96,000
Total assets $
Liabilities & Owners’ Equity
Liabilities:
Notes payable $
Accounts payable $
Income taxes payable …………..$40,000
Total liabilities ………………..$215,000
Owners’ equity:
Capital stock ……………………$
Retained earnings ………………$
Total liabilities and
owners’ equity…………………... $620,000
1 answer