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    janemorales's Avatar
    janemorales Posts: 26, Reputation: 1
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    #1

    May 29, 2008, 06:07 PM
    Balance sheet
    Correct the following balance sheet.

    Canfield Corporation Balance Sheet December 31, 2006
    Assets Liabilities and Owners' Equity
    Cash $ 55,000 Buildings $325,000
    Accounts payable 65,000 Accounts receivable 75,000
    Interest receivable 20,000 Mortgage payable 150,000
    Capital stock 200,000 Sales revenue 350,000
    Rent expense 60,000 Equipment 85,000
    Retained earnings 145,000 Utilities expense 5,000
    Total assets $545,000 Total liabilities and owners' equity $990,000

    Is this correct?
    Canfield Corporation Balance Sheet December 31, 2006
    Assets Liabilities
    Cash 55,000 A/P 65,000
    Interest Receivable 20,000 Motrgage Payable 150,000
    Buildings 325,000
    A/R 75,000 Total Liabilities 215,000
    Equipment 85,000
    Owner's Equity
    Capital Stock 200,000
    Retained Earnings 145,000

    Total Assets 560,000 Total Liabilities&Owners Equity 560,000
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
     
    #2

    May 29, 2008, 11:52 PM
    Yes, it is correct.

    Well done!
    smokedetector's Avatar
    smokedetector Posts: 368, Reputation: 56
    Full Member
     
    #3

    Jun 9, 2008, 05:08 PM
    Looks right to me
    ardna_24's Avatar
    ardna_24 Posts: 1, Reputation: 1
    New Member
     
    #4

    Jun 16, 2008, 03:38 AM
    Assets: Cash 55000, Buildings 325000, Accounts receivable 75000, Interest receivable 20000, Equipment 85000
    => Assets= 560000

    Liabilities: Accounts payable 65000, Mortgage payable 150000, Rent 60000, Utilities 5000
    => Liabilities= 280000(not 215000)

    Owners Equity: Capital stock 200000, Retained earnings 145000
    =>345000

    Sales Revenue is not included in the balance sheet but in the income statement.

    Assets >< Liabilities + Owners Equity...

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