Question

Prepare a Balance sheet for the following

Accounts payable	$20,000.00
Accounts receivable	$60,000.00
Cash	$30,000.00
Retained Earnings	$170,000.00
Common Stock	$60,000.00
Bonds Payable LT	$120,000.00
Inventory	$100,000.00
Equipment	$200,000.00
Accummulated Depreciation	$50,000.00
Supplies	$40,000.00
Notes Payable	$10,000.00

Answer 1

Balance Sheet
Assets		Liabilities and Owners’ Equity
Current assets				Current liabilities
Cash	$	30,000		Accounts payable	$	20,000
Accounts receivable		60,000		Notes payable		10,000
Supplies		40,000
Inventory		100,000		Total	$	30,000
Total	$	230,000		Long-term debt -Bonds Payable	$	120,000
				Owners’ equity
Fixed assets				Common stock and paid-in surplus	$	60,000
Gross equipment	$	200,000		Retained earnings		170,000
Less: accumulated depreciation		(50,000)
Net equipment		150,000		Total	$	230,000
Total assets	$	380,000		Total liabilities and owners’ equity	$	380,000

The balance sheet is fair position of assets and liabilities at a particular date. All the assets and liabilities shall be classified on the basis of current and non-current as done above.