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    Balance sheet

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    From the following accounts and amounts prepare a balance sheet for the King Company for December 31, 2005. You must compute the amount for retained earnings to complete the balance sheet.

    Accounts Payable 61,250
    Accounts Receivable 70,500
    Building 50,000
    Capital Stock 50,000
    Cash 64,000
    Equipment 30,000
    Insurance Expense 5,000
    Land 125,000
    Notes Payable 175,000
    Sales Revenue 100,000
    Salaries Expense 46,750
    Retained Earnings 53,250

    King Company
    Balance Sheet
    December 31, 2005

    Assets Liabilities & Owners' Equity

    Total Liabilities
    Stock holders equity:

    Total Assets Total Liabilities &
    Stockholders Equity

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    Solution Summary

    The expert examines balance sheets for account payables.