Completion of Balance Sheet

question 29

Essay

Completion of balance sheet
Use the following information to complete the December 31, 2009, balance sheet of Copper Supplies Company.
(1) Equity as of January 1, 2009, totaled $175,000, which included share capital of $150,000.
(2) Additional capital stock was issued during 2009 in exchange for $40,000 cash.
(3) Profit for 2009 amounted to $200,000; no dividends were paid during 2009.
(4) Cash and accounts receivable together amount to 3 times as much as accounts payable.

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