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Prepare a balance sheet as of december

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Problem 1: From the following information, prepare a balance sheet as of December 31, 2006 for Jake's Car Rental Agency owned and operated by Jake Reyes.

Cash deposited in the name of Jake's Car Rental Agency P 17,500
Savings account of Jake Reyes 20,000
Office Furniture and Fixture 14,500
Residential House and Lot of Jake Reyes 550,000
Salaries payable to employees 4,000
Mortgage Payable on residential house and lot 96,000
Accounts Payable for overhauling of cars 6,000
Unpaid household bills 2,500
Cars 2,500,000
Car Garage 30,000

Reference no: EM132943797

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