[janemorales]

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]

Yes, it is correct.

Well done!

[smokedetector]

Looks right to me

[ardna_24]

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...