Posted by Steve on Friday, June 6, 2008 at 7:16pm.
Use the following information to complete the balance sheet
(1) The company was organized on January 1, 2005, and has operated for the full year 2005.
(2) Earnings have amounted to $275,000, and dividends of $70,000 have been paid to stockholders.
(3) Cash and accounts receivable together amount to one and one-half times as much as notes payable.
Accounts receivable 85,000
Total assets $
Liabilities & Ownersâ€™ Equity
Notes payable $
Accounts payable $
Income taxes payable â€¦â€¦â€¦â€¦..$40,000
Total liabilities â€¦â€¦â€¦â€¦â€¦â€¦..$215,000
Capital stock â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦$
Retained earnings â€¦â€¦â€¦â€¦â€¦â€¦$
Total liabilities and
ownersâ€™ equityâ€¦â€¦â€¦â€¦â€¦â€¦â€¦... $620,000
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