Listed in random order are the items to be included in the balance sheet of Rocky Mountain Lodge at December 31, year 1.
Equipment $47,040 Buildings $600,000
Land 510,000 Capital stock 162,000
Accounts payable 65,760 Cash 37,680
Accounts receivable 12,720 Furnishings 70,440
Salaries payable 40,200 Snowmobiles 18,480
Interest payable 14,400 Notes payable 744,000
Retained earnings ?
Required:
a. Prepare a balance sheet at December 31, 2011.
b. Assume that no payment is due on the notes payable until 2013. Does this balance sheet indicate that the company is in a strong financial position as of December 31, 2011? Explain briefly.
Answers: 3
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