Question

Balance Sheet: Use the following financial information to prepare a balance sheet: Burger Shack, Inc.; Balance Sheet Inventory 335,000 Accounts Receivable Accounts Payable 40.000 Buildings Furniture and Fixtures 16,000 Trademark Mortgage 325,000 Note Payable (6 month) Equipment and Vehicles 40,000 Retained Earnings Notes Receivable (3 month) 50,000 Land Common Stock (1,000,000 shares) 100,000 Cash Salaries Payable 90,000 192,000 110,000 20,000 150,000 113,000 40,000 15,000 Assets Current Assets Total Current Assets Fixed Assets Total Fixed Assets Intangible Assets Total Intangible Assets Total Assets Liabilities and Owner's Equity Current Liabilities Total Current Liabilities Long-term Liabilities Total Long-term Liabilities Total Liabilities Shareholder Equity Total Shareholder Equity Total Liabilities and Shareholder Equity

Answer 1

Current Assets
	Amount
Cash	15,000
Accounts Receivable	192,000
Notes Receivable	50,000
Inventory	335,000
Total		592,000
Fixed Assets
Land	40,000
Buildings	110,000
Furniture and Fixtures	16,000
Equipment and Vehicles	40,000
Total		206,000
Intangible Assets
Trademark	20,000
Total		20,000
Total Assets		818,000
Liabilites
Current Liabilities
Note Payables	150,000
Salaries Payables	90,000
Accounts Payables	40,000
Total		280,000
Long term liabilites
Mortgage	325,000
Total		325,000
Shareholders Equity
Share capital	100,000
Retained earnings	113,000
		213,000
Total Liabilities and Shareholders equity		818,000