(Answered) Question given the information developed in problems 2 and

Accounting

Question: Given the information developed in problems 2 and 3, prepare a proforma balance sheet for Student Services Inc. as of April 30. Provide a detailed breakdown of the equity section of the balance sheet. The following additional information is available: There is a 5-percent mortgage on the building and the equipment, with the amount outstanding as of December 31 at $425,000. Principal payments of $25,000 are due semi-annually on June 30 and December 31. As of December 31, 20,000 shares of common stock with a par value of $5 each were outstanding. The stock was originally sold at par value and has been fully paid for. As of December 31, retained earnings amounted to $137,000.

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