Reference no: EM132995895

Problem 1: Using the following (scrambled) accounts, prepare a balance sheet for ABSCBN, a retail company, for the year ending in December 31, 2014. Assume that these are the only Balance Sheet Accounts.

Accounts Payable 39,000

Accrued Expenses 8,000

Accumulated Depreciation 51,000

Additional Paid-In Capital 86,000

Allowance for Doubtful Accounts 2,000

Cash 23.000

Common Stock (PHPO.20 par) 45,000

Current Portion of L.T. Debt 6,000

Gross Accounts Receivable 40,000

Gross Fixed Assets 486,000

Inventories 54,000

Long-Term Debt 210,000

Net Accounts Receivable 38,000

Net Fixed Assets 435,000

Retained Earnings 138,000

Short-Term Bank Loan (Notes Payable) 18,000