From the Following Accounts and Amounts Prepare a Balance Sheet

question 115

Essay

From the following accounts and amounts prepare a balance sheet for the Swell Company for December 31, 2010. You must compute the amount for retained earnings to complete the balance sheet.
$$\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 61,250 \\\hline \text { Accounts Receivable } & \$ 70,500 \\\hline \text { Building } & \$ 50,000 \\\hline \text { Capital Stock } & \$ 50,000 \\\hline \text { Cash } & \$ 64,000 \\\hline \text { Equipment } & \$ 30,000 \\\hline \text { Insurance Expense } & \$ 5,000 \\\hline \text { Land } & \$ 125,000 \\\hline \text { Notes Payable } & \$ 175,000 \\\hline \text { Sales Revenue } & \$ 25,000 \\\hline \text { Salaries Expense } & \$ 20,000 \\\hline\end{array}$$

---

Definitions:

Interneurons

Neurons located in the central nervous system that process and relay information between sensory neurons and motor neurons.

Endorphins

Substances produced by the body that bind to brain receptors to diminish the sensation of pain and induce a state of intense happiness.

Central Nervous System

The part of the nervous system consisting of the brain and spinal cord, responsible for processing information and controlling most functions of the body and mind.

Spinal Cord

A long, thin, tubular bundle of nervous tissue and support cells that extends from the brain, central to the nervous system's function.