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Account Balance Accounts payable $50,000 Account Balance Accounts receivable $80,000 Accrued taxes $20,000 Buildings (net value) $205,000 Cash $40,000 Dividends payable Equipment (net value) $180,000 $20,000 Account Balance Finished goods $30,000 Land value $115,000 Long-term mortgages $390,000 Notes payable $60,000 Raw material inventory $40,000 Stockholder's equity $150,000

Account Balance Accounts payable $50,000 Account Balance Accounts receivable $80,000 Accrued taxes $20,000 Buildings (net value) $205,000 Cash $40,000 Dividends payable Equipment (net value) $180,000 $20,000 Account Balance Finished goods $30,000 Land value $115,000 Long-term mortgages $390,000 Notes payable $60,000 Raw material inventory $40,000 Stockholder's equity $150,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Scott Company shows the following alphabetical list of account balances as of December 31, 2018. Solve, a. Construct a balance sheet for Scott Company as of December 31, 2018. b. Demonstrate that the fundamental accounting equation holds by stating the dollar values of the terms in the equation.

Account Balance Accounts payable $50,000 Account Balance Accounts receivable $80,000 Accrued taxes $20,000 Buildings (net value) $205,000 Cash $40,000 Dividends payable Equipment (net value) $180,000 $20,000 Account Balance Finished goods $30,000 Land value $115,000 Long-term mortgages $390,000 Notes payable $60,000 Raw material inventory $40,000 Stockholder's equity $150,000
Transcribed Image Text:Account Balance Accounts payable $50,000 Account Balance Accounts receivable $80,000 Accrued taxes $20,000 Buildings (net value) $205,000 Cash $40,000 Dividends payable Equipment (net value) $180,000 $20,000 Account Balance Finished goods $30,000 Land value $115,000 Long-term mortgages $390,000 Notes payable $60,000 Raw material inventory $40,000 Stockholder's equity $150,000
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