Preparation of Balance Sheet
Prepare the Balance Sheet as of December

question 41

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.
$\begin{array}{lrlr}\text { Accounts Payable } & \$ ? & \text { Land } & \$ 260,000 \\\text { Land } & \$ 41,600 & \text { Notes Payable } & \$ 377,000 \\\text { Building } & \$ 533,000 & \text { Accounts rec eivable } & \$ 18,750 \\\text { Share capital } & \$ 494,000 & \text { Cash } & \$ 19,760\end{array}$

---

Definitions:

Driving Under the Influence

Operating a vehicle while impaired by alcohol or other drugs, including prescription medications.

Long-Term Effects

Consequences or impacts of an action, condition, or decision that manifest over an extended period of time.

Marijuana Use

The consumption of cannabis, whether for medical or recreational purposes, which can alter perception, mood, and cognitive functions.

Man-Made Stimulant

Synthetic substances designed to increase alertness, attention, and energy by stimulating the central nervous system.