HW BUSINESS 3

NAME:

DATE:

Balance Sheet Preparation Question

XYZ Corporation has provided the following financial information as of December 31,
2023. Use this information to prepare the company's balance sheet for the year ended on
that date.
 Cash: $15,000
 Accounts Receivable: $33,000
 Inventory: $22,000
 Prepaid Insurance: $5,000
 Land: $50,000
 Building (net of accumulated depreciation): $100,000
 Equipment (net of accumulated depreciation): $20,000
 Accounts Payable: $18,000
 Notes Payable (due in 2 years): $30,000
 Mortgage Payable (due in 15 years): $60,000
 Common Stock: $50,000
 Retained Earnings: $57,000
Instructions:
1. Organize the information into assets, liabilities, and shareholders' equity sections.
2. Remember, the balance sheet must balance, following the equation: Assets =
Liabilities + Shareholders' Equity.
3. Ensure all accounts are properly classified as Current or Non-Current (Long-term)
under each section.