b-
Prepare a year-end balance sheet for the 2014 accounting period.
3.
CAROLINA COMPANY
Balance Sheet
As of December 31, 2014
Assets
Cash
Land
Accounts receivable
Total assets
Liabilities
Accounts payable
Notes payable
Total liabilities
Stockholders' Equity
Common stock
Retained earnings
Notes receivable
Total stockholders' equity
Total liabilities and stockholders' equity
$\qquad 24,500
\qquad 45,000
(10,000)
$\qquad 59,500
$\qquad 10,000
$\qquad 10,000
$\qquad 35,000
$\qquad 24,500
(10,000)
$\qquad 49,500
$\qquad 59,500