Question

2. Mr. Sicilian had a capital account in Sicilian & Company totaling $ 12,280 by year-end. The company's only liabilities for the 2019 calendar year included Notes Payable, $18,750; Accounts Payable, $2,300; and Interest Payable, $1,500. The company's asset balances were as follows: Building, $12,000 with $900 in accumulated depreciation; Accounts Receivable, $1,300; Short-Term Investments, $1,980; Land, $18,700; and Cash, $1,750. Prepare the company's balance sheet. Burns & Company Balance Sheet December 31, 2015 Assets Current assets:

Answer 1

Answer:

Burns& Company
Balance Sheet
At December 31,20Y5
Assets
Current assets:
Cash		$1,750
Accounts receivable		$1,300
Short -term investments		$1,980
Total current assets			$5,030
Property,plant and equipment:
Land		$18,700
Building	$12,000
(Less) accumulated depreciation	($900)	$11,100
Total Property,plant and equipment			$29,800
Total assets			$34,830
Current Liabilities:
Accounts payable		$2,300
Interest payable		$1,500
Total Current Liabilities			$3,800
Notes payable			$18,750
Total Liabilities			$22,550
Owner's Equity
Melissa Burns,Capital			$12,280
Total liabilities and Owner's equity			$34,830