Balance Sheet Preparation

QUESTION

Balance Sheet PreparationFrom the following data, prepare a classified balance sheet for Taylorsville ConstructionCompany at December 31, 2009.Accounts payable . . . . . . . . . . . . . . . . . . . . . . $ 74,300Accounts receivable . . . . . . . . . . . . . . . . . . . . . 113,500Buildings . . . . .
Balance sheet Non-current assets- Mortgage payable $423,400 Land $90,000 Accounts payable $74,300 Buildings $512,000 Owners equity $375,650 (see below) Current assets- Accounts receivable $113,500 Supplies $4,250 Cash $153,600 Total Assets $873,350 Total

iabilities & Owners Equity $873,350 Schedule of Owners Equity- Beginning balance $314,300 add Net income $109,450 less Distributions ($48,100) Ending balance $375,650

ANSWER:

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