The Following Items Are Available from the Records of Ramos

question 153

Essay

The following items are available from the records of Ramos Corporation at the end of its fiscal year,June 30,2017:
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$\begin{array}{lr}\text { Accounts payable } & \$ 17,000 \\\text { Advertising expense } & 4,600 \\\text { Accounts receivable } & 5,700 \\\text { Notes payable } & 50,000 \\\text { Buildings } & 35,000 \\\text { Office equipment } & 12,000 \\\text { Inventory } & 12,100 \\\text { Retained earnings (end of year) } & 26,300 \\\text { Capital stock } & 25,000 \\\text { Sal ary and wage expense } & 8,230 \\\text { Cash } & 21,900 \\\text { Sales revenue } & 14,220 \\\text { Computerized grinders } & 25,800 \\\text { Hand tools } & 5,800\end{array}$ Required:
(1)Prepare a balance sheet.
(2)For each non-balance-sheet item,indicate where it should appear.

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Definitions:

Incremental Value

The additional or extra value created by undertaking a new project or activity compared to not doing it, often considered in decision-making processes.

All-Equity Firms

Companies that finance their operations without any debt, relying solely on shareholder equity.

Shares Outstanding

The total number of a company's shares of stock that are owned by shareholders, including those held by institutional investors and restricted shares held by insiders and company officers.

Market Price

The ongoing rate at which a service or asset is available for purchase or sale in the market.