Reference no: EM132718993

Question - At December 29, 2015, the balance sheet accounts for McCord Restaurant Ltd. were as follows:

Accounts payable $10,000 Furniture $105,000

Accounts receivable $20,000 Inventory $15,000

Building $100,000 Land $200,000

Cash $30,000 Notes payable $145,000

Common shares $? Retained earnings $75,000

The following transactions occurred during the next two days:

Shareholders invested an additional $35,000 cash in the business.

The company paid $5,000 of accounts payable. (No payment was made on the notes payable.)

Assume that $15,000 of the notes payable will be paid in 2016.

Required - Prepare a classified balance sheet (statement of financial position) at December 31, 2015 in good form.