Question

Clear Water Co. reports the following balance sheet accounts as of December 31.

Buildings $ 57,500, Accounts receivable 3,300, Land 24,000, Merchandise inventory 9,600, Accounts payable 6,300, Cash 10,600, Notes payable (due in 7 years) 56,000 , Office supplies 3,600, Common stock 23,000, Retained earnings 19,000, Wages payable 4,300.

Answer 1

Clear Water Co.
BALANCE SHEET
AS OF DECEMBER 31
	$	$
Assets
Current Assets
Cash	10,600.00
Accounts receivable	3,300.00
Merchandise inventory	9,600.00
Office Supplies	3,600.00
Total current assets		27,100.00
Property, plant and equipment
Building	57,500.00
Land	24,000.00
Net property, plant, and equipment		81,500.00
Total assets		108,600.00
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	6,300.00
Wages payable	4,300.00
Total current liabilities		10,600.00
Long-term liabilities
Notes payable (due in 7 years)		56,000.00
Stockholders’ equity
Common stock	23,000.00
Retained earnings	19,000.00
Total stockholders’ equity		42,000.00
Total liabilities and stockholders’ equity		108,600.00