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Q1) Balance sheet for Verne General Partnership given below. Based completely on balance sheet, do you see any potential difficulties Verne may have? What strengths does balance sheet show? Describe. What would you learn from studying income statement for year ended 2008?

Verne General Partnership
Balance Sheet
As of December 31, 2008            
             
Assets       Liabilities and Partners' Equity    
             
        Liabilities  
Cash   $30,000   Accounts Payable $25,000  
Accounts Receivable   10,000   Accrued Expenses Payable 20,000  
Inventory (FIFO)   20,000   Deferred Income from Sales 60,000  
Equipment 150,000     Long-term Note Payable 70,000  
Less: Accumulated Depreciation (20,000) 130,000   Total Liabilities   $175,000
             
Building 650,000     Partners' Equity    
Less: Accumulated Depreciation (70,000) 580,000   Verne $600,000  
Land   80,000   Jules 75,000  
        Total Partner's Equity   675,000
             
Total Assets   $850,000   Total Liabilities and Partners' Equity $850,000

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