Prepare the december balance sheet of janets gym

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Reference no: EM132474449

Janet Jones is a professional gym instructor. She started her own business, Janet's Gym, a proprietorship, in 2014. Consider the following facts, as of December 31, 2018:

1. Janet's Gym owned a small gym, which it acquired for $ 600,000 in 2018; the land was worth $ 500,000, and the building was worth $ 100,000. The business took out a $ 520,000 mortgage, and Janet Jones contributed the remaining $ 80,000 cash to buy the property.

2. In 2018, Janet's Gym spent $ 15,000 to acquire a gym franchise, Gym to Go.

3. Janet Jones had $ 15,000 in the business bank account and $ 7,000 in her personal bank account.

4. Janet Jones owed $ 1,900 on her personal MasterCard.

5. Janet's Gym acquired $ 10,000 in gym equipment on December 15, 2018: Janet's Gym put a down payment of $ 2,000 and was going to pay the remaining balance in January, 2019.

6. Janet's Gym had $ 400 in office supplies on hand at December 31, 2018.

7. Janet Jones bought a condo in 2016 for $ 400,000. At December 31, 2018, her mortgage on the condo was $ 300,000.

Question 1: Prepare the December 31, 2018 balance sheet of Janet's Gym.

Reference no: EM132474449

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