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..



This is what I have so far... I'm getting lost and I'm not sure where. Please help! Is my balance sheet OK? How do I complete the rest of it?
Taylorsville Construction
Balance Sheet: December 31, 2009

ASSETS 2009
Cash $153,600
Accounts Receivable $113,500
Supplies $4,250
Land $90,000
Building $512,000

LIABILITIES
Accounts payable $74,300
Mortgage payable $423,400

OWNER'S EQUITY
Owner's equty 1/1/2009 $314,300
Dividends 2009 $481,000

You have dividends listed, but it should be distributions to owners and you need to verify the amount as you have two different amounts listed. Then you need to add net income to Owners equity, then subtract distributions or dividends from Owners equity to get your ending Owner equity amount.

To verify Owners Equity amount just subtract ending Liabilities from ending Assets to get ending Onwers Equity.

Okay, here's what I came up with this time. Your help is much appreciated :). Is this correct?


Taylorsville Construction
Classified Balance Sheet: December 31, 2009

CURRENT ASSETS
Cash $153,600
Accounts Receivable $113,500
Supplies $4,250
TOTAL CURRENT ASSETS $271,350

LONG-TERM ASSETS
Land $90,000
Building $512,000
TOTAL LONG-TERM ASSETS $602,000
TOTAL ASSETS $873,350
CURRENT LIABILITIES
Accounts payable $74,300
TOTAL CURRENT LIABILITIES $74,300

LONG-TERM LIABILITIES
Mortgage payable $423,400
TOTAL LONG-TERM LIABILITIES $423,400
TOTAL LIABILITIES $497,700
OWNER'S EQUITY
Owner's equty 1/1/2009 $314,300
Distribution to owners during 2009 $48,100
Net income for 2009 $109,450

TOTAL OWNER'S EQUITY 12/31/2009 $375,650

verified by:
(NI+OE)-D= OE
(109,450+314,300)-48,100= OE
423,750-48,100= $375,650
OE= $375,650

ASSETS = LIABILITIES + OWNER'S EQUITY
873,350 = 497,700 + 375,650
873,350 = 873,350

OMG! Spent a few minutes to ge the spacing correct then it ended up looking like that! So sorry! I don't know what to do for that. Hope it makes sense!