The accounts of the Capitan Company are shown below:
Capitan Company
List of Accounts
December 31, 2007
Accounts Payable $20,000
Accounts Receivable 18,000
Accumulated Depreciation 11,000
Capital Stock 75,000
Cash 85,000
Cost of Goods Sold 12,000
Equipment and Buildings 81,000
Inventory 15,000
Long-Term Investment 30,000
Land 27,000
Marketable Securities 3,000
Mortgage Payable 89,000
Patents 4,000
Prepaid Rent 6,000
Rent Expense 24,000
Retained Earnings ?
Sales 49,000
Salary Expense 19,000
Supplies 6,000
Taxes Payable 11,000
Unearned Revenue 19,000
Required:
Prepare in good form a classified balance sheet at December 31, 2007, for the Capitan Company. Assume that no dividends were declared during 2007.
CLICK HERE FOR SOLUTION
