Prepare a balance sheet and a common- sized balance sheet from the following information. Cash.............. $ 30,000

Question:

Prepare a and a common- sized from the following information.
Cash.............. $ 30,000
Accounts receivable........ 63,800
Accounts payable......... 52,500
Short- term notes payable...... 11,000
Inventories............ 66,000
Gross fixed assets......... 1,061,000
Accumulated depreciation..... 86,000
Long- term debt.......... 210,000
Common stock........... 480,000
Other assets ............25,000
Retained earnings? Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...