Preparation of Balance Sheet
Prepare the Balance Sheet as of December

question 132

Essay

Preparation of balance sheet
Prepare the balance sheet as of December 31, 2009, for Gamma Company, from the following list of items which are arranged in random order. You must compute the amount for accounts payable to complete the balance sheet.
$\begin{array}{|l|r|l|l|r|}\hline \text { Accounts payable } & \$ ? & & \text { Land } & \$ 260,000 \\\hline \text { Office equipment } & \$ 41,600 & & \text { Notes payable } & \$ 377,000 \\\hline \text { Buildings } & \$ 533,000 & & \text { Accounts receivable } & \$ 97,500 \\\hline \text { Capital stock } & \$ 494,000 & & \text { Cash } & \$ 19,760 \\\hline & & & & \\\hline\end{array}$

---

Definitions:

Hispanic Persons

Individuals who identify with, or originate from, Spanish-speaking countries, particularly those in Latin America.

Population in Poverty

the segment of a population living below the nationally or internationally recognized poverty line, indicating their inability to meet basic life needs.

Poverty Threshold

The minimum level of income deemed adequate in a specific country to maintain a certain standard of living.

Family of Four

A household unit consisting of four members, typically two adults and two children, often used for statistical or planning purposes.