From the Following, Prepare a Balance Sheet for Roe Co

question 24

Essay

From the following, prepare a balance sheet for Roe Co. as of December 31, 2017.
$$\begin{array} { | l | l | } \hline \text { Salaries Payable } & 6,000 \\\hline \text { Accounts Receivable } & 9,000 \\\hline \text { Retained Earnings } & 21,000 \\\hline \text { Common Stock } & 27,000 \\\hline \text { Mortgage Note Payable } & 45,000 \\\hline \text { Prepaid Rent } & 12,000 \\\hline \text { Accounts Payable } & 19,000 \\\hline \text { Land } & 18,000 \\\hline \text { Cash } & 3,000 \\\hline \text { Merchandise Inventory } & 16,000 \\\hline \text { Building } & 60,000 \\\hline\end{array}$$

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Definitions:

Dividend Policy

A company's stance on distributing profits back to shareholders in the form of dividends versus reinvesting them in the business.

Cash Flow

The total amount of money being transferred into and out of a business, considered essential for its health and operations.

Date Of Record

The specific date set by a company on which the shareholders must be on record to be eligible to receive dividends or other distributions.