Answer:
Adams Co.
Balance Sheet as of December 31.
Assets
<u>Current Assets</u>
Cash $32,000
Accounts Receivable $12,000
Merchandise Inventory $15,600
Office Supplies $3,600
Prepaid Rent $7,800
Prepaid Insurance $4,600
Total Current Assets $
75,600
<u>Property, Plant and Equipment</u>
Land $38,000
Building $67,800
Accumulated Depreciation $(6,600) <u>$61,200</u>
(Buildings)
Total Assets <u>$
174,800</u>
<u></u>
Liabilities
<u>Current Liabilities</u>
Accounts Payables $18,000
Salaries Payable <u>$6,800 </u>
Total Current Liabilities $24,800
<u>Long term Liabilities
</u>
Notes Payable $46,000
Mortgage Payable $28,000
Total Long term Liabilities $74,000
Total Liabilities $98,800
<u>Stockholder's Equity</u>
Common Stock $18,000
Retained Earnings $58,000
Total Stockholder's Equity <u>$76,000</u>
Total Liabilities & Stockholder's Equity <u>$174,800</u>
