Question

Create a Balance Sheet with this data:

Answer 1

Solution:
Balance Sheet
Assets		Year		Remarks for help
Current Assets
	Cash	10,000
	Accounts receivable	15,000
	Inventory	25,000
	Prepaid expenses	36,000		Rent, Insurance
	Short-term investments	12,000		Marketing securities
	Total current assets	98,000
Fixed (Long-Term) Assets
	Long-term investments	50,000		Marketing securities
	Property, plant, and equipment	14,70,000		Land, Building, Machine, Copper mine
	(Less accumulated depreciation)	-3,25,000
	Intangible assets	1,40,000		Franchise, Copyright, Trade mark, patent
	Total fixed assets	13,35,000
Other Assets
	Debt Service Fund	50,000
	Deferred income tax	60,000
	Other	1,00,000		Pension Asset
	Total Other Assets	2,10,000
Total Assets		16,43,000
Liabilities and Owner's Equity
Current Liabilities
	Accounts payable	17,000
	Short-term loans	50,000		Note payable
	Income taxes payable	63,000
	Accrued salaries and wages
	Interest Payable	25,000
	Unearned revenue
	Current portion of long-term debt	20,000		Short term part
	Total current liabilities	1,75,000
Long-Term Liabilities
	Long-term debt	5,30,000		Long term part, Note payable long term portion
	Deferred income tax
	Other
	Total long-term liabilities	5,30,000
Shareholder's Equity
	Common Stock	90,000		Adjusted with treasury stock
	Common Stock- Premiums	3,00,000		In excess of par
	Preferred Stock	50,000
	Preferred Stock- Premiums	1,00,000		in excess of par
	Current year profit	1,73,000		Based on revenue and expense figures
	Retained earnings	2,00,000
	Other	25,000		Comprehensive income
	Total shareholder's equity	9,38,000
Total Liabilities and Shareholders Equity		16,43,000