Balance Sheet Preparation From the following data, prepare a classified balance
ID: 2457542 • Letter: B
Question
Balance Sheet PreparationFrom the following data, prepare a classified balance sheet forTaylorsville Construction
Company at December 31, 2009.
Accounts payable . . . . . . . . . . . . . . . . . . . . . . $74,300
Accounts receivable . . . . . . . . . . . . . . . . . . . . .113,500
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . .512,000
Owners’ equity, 1/1/09 . . . . . . . . . . . . . . . . . .314,300
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 153,600
Distributions to owners during 2009 . . . . . . . . 48,100
Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4,250
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 90,000
Mortgage payable . . . . . . . . . . . . . . . . . . . . . .423,400
Net income for 2009 . . . . . . . . . . . . . . . . . . . .109,450
Owners’ equity, 12/31/09 . . . . . . . . . . . . . . . . ?
Explanation / Answer
BALANCE SHEET
as on 31 Dec.2009
ASSETS:
$
Accounts Receivable
113500
Cash
153600
Supplies
4250
Buildings
512000
Land
90000
TotalAssets
873350
LIABILITIES:
Accounts Payable
74300
Mortgage payable
423400
Owner's equity:
1/1/09 34300
Net Income(109450 -48100)61350
Owner's equity 12/31/09
375650
Total liabilities &owner's equity
873350
BALANCE SHEET
as on 31 Dec.2009
ASSETS:
$
Accounts Receivable
113500
Cash
153600
Supplies
4250
Buildings
512000
Land
90000
TotalAssets
873350
LIABILITIES:
Accounts Payable
74300
Mortgage payable
423400
Owner's equity:
1/1/09 34300
Net Income(109450 -48100)61350
Owner's equity 12/31/09
375650
Total liabilities &owner's equity
873350
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