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The Sunshine Inn, a solitary proprietorship, has some accounts which are given below:

rooms sales= $1,000,000
Land= 80,000
Accounts payable= 5,000
Inventories= 15,000
Accounts receivable= 80,000
Bonds payable (long- term)= 300,000
Temporary investments= 25,000
Franchise fee (deferred)=15,000
Accumulated depreciation= 150,000
Income tax payable= 10,000
Building= 500,000
Equipment and furnishings= 200,000
Prepaid expenses= 8,000
Accrued expenses= 10,000
Jerry Smith, Capitol (1/1/2014)= 300,000
Deferred income taxes(non-current/credit balance)= 20,000
Interest Expense= 25,000

Additional information is given below:

Sunshine Inn net income for 2014 was $145,000 and Jerry withdraw 427,000 for personal use throughout 2014.

problem:

Create the balance sheet for this Inn as of December 31, 2014.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M914076

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