Reference no: EM1314590
Preparation of Balance sheet and computation of Retained Earnings.
From the following accounts and amounts prepare a balance sheet for the Prince Company for December 31, 2007. You must compute the amount for retained earnings to complete the balance sheet.
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Accounts Payable
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61,250
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Accounts Receivable
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70,500
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Building
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50,000
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Capital Stock
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50,000
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Cash
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64,000
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Equipment
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30,000
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Insurance Expense
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5,000
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Land
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125,000
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Notes Payable
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175,000
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Sales Revenue
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25,000
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Salaries Expense
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20,000
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On April 30, 2007, the balance sheet of Japan Collectibles showed total assets of $800,000, total liabilities of $500,000, and owners' equity of $300,000. The following transactions occurred in May of 2007:
(1) Capital stock was issued in exchange for $175,000 cash.
(2) The business purchased equipment for $380,000, paying $180,000 cash and issuing a note payable for $200,000.
(3) The business paid off $80,000 of its accounts payable.
(4) The business collected $64,000 of its accounts receivable.
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