Prepare a balance sheet given the following information for Alaskan Orange Corp. as of December 31, 2010:

Prepare a balance sheet given the following information for Alaskan Orange Corp. as of December 31, 2010: cash = $195,000; patents and copyrights = $849,000; accounts payable = $294,000; accounts receivable = $255,000; tangible net fixed assets = $5,120,000; inventory = $540,000; notes payable = $187,000; accumulated retained earnings = $4,606,000; long-term debt = $1,230,000. (Do not include the dollar signs ($).)

Balance Sheet
Cash	$	195,000	Accounts payable	$	294,000
Accounts receivable		255,000	Notes payable		187,000
Inventory		540,000	Current liabilities	$	481,000
Current assets	$	990,000	Long-term debt		1,230,000
			Total liabilities	$	1,711,000
Tangible net fixed assets	$	5,120,000
Intangible net fixed assets		849,000	Common stock		642,000
			Accumulated retained earnings		4,606,000
Total assets	$	6,959,000	Total liabilities & owners’ equity	$	6,959,000

Explanation:

Owners’ equity has to be total liabilities & equity minus accumulated retained earnings and total liabilities, so:

 

Owner’s equity = Total liabilities & equity – Accumulated retained earnings – Total liabilities

Owners’ equity = $6,959,000 – 4,606,000 – 1,711,000

Owners’ equity = $642,000

Construct a balance sheet for Sophie’s Sofas given the following data. (Be sure to list the assets and liabilities in order of their liquidity.)

Construct a balance sheet for Sophie’s Sofas given the following data. (Be sure to list the assets and liabilities in order of their liquidity.)

Cash balances	=	$	9,500
Inventory of sofas	=	$	195,000
Store and property	=	$	95,000
Accounts receivable	=	$	21,500
Accounts payable	=	$	16,500
Long-term debt	=	$	165,000

BALANCE SHEET OF SOPHIE’S SOFAS

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Dominick Lopez operates a consulting firm called Tech Today. On August 31, the company’s records show the following accounts and amounts for the month of August. Use this information to prepare an August 31 balance sheet for Tech Today.

Exercise 2-15 Preparing a balance sheet L.O. P3

Dominick Lopez operates a consulting firm called Tech Today. On August 31, the company’s records show the following accounts and amounts for the month of August. Use this information to prepare an August 31 balance sheet for Tech Today. (Be sure to list the assets and liabilities in order of their liquidity.Omit the "$" sign in your response.)

  

Cash	$	8,360	Dividends	$	3,000
Accounts receivable		17,000	Consulting fees earned		17,000
Office supplies		3,250	Rent expense		4,550
Land		46,000	Salaries expense		8,000
Office equipment		18,000	Telephone expense		560
Accounts payable		8,000	Miscellaneous expenses		280
Common Stock		84,000

  

TECH TODAY Balance Sheet August 31
Assets
Cash	$ 8,360
Accounts receivable	17,000
Office supplies
Office equipment
Land	46,000
Total Assets	$ 92,610
Liabilities
Accounts payable	$ 8,000
Equity
Common stock	84,000
Retained earnings	610
	84,610
Total Liabilities & Equity	$ 92,610

Explanation:

TECH TODAY Income Statement For Month Ended August 31
Revenues:
Consulting fees earned				$	17,000
Expenses:
Salaries expense	$	8,000
Rent expense		4,550
Telephone expense		560
Miscellaneous expenses		280
Total expenses					13,390
Net income				$	3,610

  

TECH TODAY Statement of Retained Earnings For Month Ended August 31
Retained earnings, July 31	$	0
Add: Net income		3,610
		3,610
Less: Cash dividends		(3,000)
Retained earnings, August 31	$	610