Preparation of balance sheet and computation of retained

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Reference no: EM13356622

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.

Accounts Payable	61,250
Accounts Receivable	70,500
Building	50,000
Capital Stock	50,000
Cash	64,000
Equipment	30,000
Insurance Expense	5,000
Land	125,000
Notes Payable	175,000
Sales Revenue	25,000
Salaries Expense	20,000

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.

Reference no: EM13356622

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