Balance Sheet Preparation From the following data, prepare a classified balance

Question

Balance Sheet Preparation
From the following data, prepare a classified balance sheet for Taylorsville 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 Non-current assets- Mortgage payable                        $423,400 Land                               $90,000 Accounts payable                         $74,300 Buildings                       $512,000 Owners' equity                            $375,650 (see below) Current assets- Accounts receivable       $113,500                            Supplies                           $4,250 Cash                           $153,600 Total Assets                 $873,350        Total Liabilities & Owners' Equity                                        $873,350 Schedule of Owners' Equity- Beginning balance                               $314,300 add Net income                              $109,450 less Distributions                             ($48,100) Ending balance                               $375,650

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