Completion of Balance Sheet
Use the Following Information to Complete

question 31

Essay

Completion of Balance Sheet
Use the following information to complete the balance sheet of Adelphi Construction as of December 31, 2010.
(1) The company was organized on January 1, 2010, and has operated for the full year 2010.
(2) Earnings have amounted to $275,000, and dividends of $70,000 have been paid to shareholders.
(3) Cash and accounts receivable together amount to one and one-half times as much as notes payable.
$\begin{array}{c} \text {Adelphi Construction }\\ \text {Balance Sheet}\\ \text { December 31,2010}\\\begin{array}{|l|l|l|l|l|l|}\hline \text { Assets } & & & \text { Liabilities \& Shareholders' Equity } \\\hline \text { Land } & \$ 184,000 & & \text { Liabilities: } & & \\\hline \text { Buildings } & 250,000 & & \text { Notes payable } & & \$ \\\hline \text { Equipment } & 96,000 & & \text { Accounts payable } & & \\\hline \text { Accounts receivable } & 85,000 & & \text { Income taxes payable } & & \$ 40,000 \\\hline \text { Cash } & & & \text { Total liabilities } & & \$ 215,000 \\\hline & & & \text { Shareholders' equity } & & \\\hline & & & \text { Share capital } & \$ & \\\hline & & & \text { Retained earnings } & & \$ \\\hline& & & \text { Total liabilities } & & \\\hline \text { Total assets } &\$ & & \text { Shareholders' equity } & & \$ 620,000 \\\hline\end{array}\end{array}$

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