Prepare ralston balance sheet

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Reference no: EM131792345

Question: Selected financial statements for Ralston Company, a sole proprietorship, are as follows:

1394_CF 1.png

Additional Information:

a. During 2014, equipment having accumulated depreciation of $4,500 was sold for a $3,000 gain.

b. A $3,750 lease payment was made in 2014, reducing the lease liability by $3,000.

c. 2014 depreciation expense: on leased property, $3,000; on equipment, $8,250.

d. Net income for 2014, $14,250.

Required: Using the provided data, prepare Ralston's December 31, 2014, balance sheet.

Reference no: EM131792345

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