Question: Prepare a balance sheet in proper format for the company as of December 31st based on the following accounts. Answer questions 8 through 10 based on this balance sheet.
| Accounts Payable |
5,000 |
|
Long-term Notes Receivable |
10,000 |
| Accounts Receivable |
15,000 |
|
Accrued Expenses |
3,000 |
| Cash |
10,000 |
|
Short-term Notes Payable |
7,000 |
| Retained Earnings |
2,000 |
|
Accumulated depreciation |
2,000 |
| Prepaid Expenses |
3,000 |
|
Capital Stock |
8,000 |
| Supplies |
7,000 |
|
|
|
What are the company's total assets?