Prepare a classified Balance Sheet, dated 12-31-16, for these 3 situations:

Situation 1

12-31-16 Assets:

Cash ..................................... 181,200

Accounts Rec. ................................ 274,000

Inventory ........................................ 189,000

Equipment, Net of Accum. Depr. ........ 473,500

12-31-16 Liabilities: Accounts Pay. ................................ 55,000

Short-Term Notes Payable ................. 95,200

Long-Term Notes Payable .............. ... 184,000

12-31-16 Equity:

Business is named Happy Productions and is owned solely by Harry Happy.

(You will have to determine the equity amount)

Situation 2

Business is named Aztec Partners and is owned by Judy Smith and Al Topp

Assets and Liabilities are the same as situation 1.

Equity-

Capital as of 1-1-16:

Judy .............................................. 189,000

Al, ............................................... 225,000

Capital Contributed in 2016:

Judy ............................................ -

Al ................................................ -

Drawings ,2016:

Judy ........................................... 62,400

Al ............................................... 93,100

Share of Profits , every year:

Judy .......................................... 0.25

Al ............................................ 0.75

Situation 3

Business is a corporation named Aztec, Inc.

Assets and Liabilities are the same as situation 1.

Equity- Paid in Capital(Common Stock) as of 12-31-16 is ................... 384,000

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