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Balance Sheet Assets Current Assets Cash 700 Accounts receivable 4,000 Total 4,700 Long Term Assets Land 11,000 Automobile 18,000 Less: Accumulated depreciation(1/3) 6,000 Total 23,000 Total Assets 27,700 Liabilities Current Liabilities Note payable 2,800 Accounts payable 3,400 Total 6,200 Owners’ equity Common stock 8,000 Retained earnings 13,500 Total 21,500 Total liabilities + owners’ equity 27,700 Calculations : Automobile cost : 18,000 Depreciation: 1/3 of 18,000 = 6,000 Value of Land: 11,000 Retained Earnings: Net Inocme: 33,000 less Dividends 19,500 : 13,500 Total owner’s equity:

Balance Sheet Assets Current Assets Cash 700 Accounts receivable 4,000 Total 4,700 Long Term Assets Land 11,000 Automobile 18,000 Less: Accumulated depreciation(1/3) 6,000 Total 23,000 Total Assets 27,700 Liabilities Current Liabilities Note payable 2,800 Accounts payable 3,400 Total 6,200 Owners’ equity Common stock 8,000 Retained earnings 13,500 Total 21,500 Total liabilities + owners’ equity 27,700 Calculations : Automobile cost : 18,000 Depreciation: 1/3 of 18,000 = 6,000 Value of Land: 11,000 Retained Earnings: Net Income: 33,000 less Dividends 19,500 : 13,500 Total owner’s equity:

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