S1-11. (Learning Objective 3: Preparing a Balance Sheet) At December 31, 20X6, Grande Products has cash of $15,000, receivables of $22,000, and inventory of $20,000. The company’s equipment totals $49,000. Grande owes accounts payable of $21,000, and long-term notes payable of $50,000. Share capital amounts to $35,000.

Prepare Grande’s Balance Sheet at December 31, 20X6, complete with its proper heading.

Use the accounting equation to compute retained earnings.