The following data are available: Cash $100,000 Accounts payable 55,000 Retained earnings ? Invested capital 150,000 Buildings

Question:

The following data are available:

Cash $100,000 Accounts payable 55,000 Retained earnings ?

Invested capital 150,000 Buildings and equipment 600,000 Mortgage payable 400,000 Required

a. Prepare a balance sheet.

b. Would most businesses, in reality, have such a limited balance sheet? Why not?

c. What other accounts might usually be found in a balance sheet for a service company? Discuss the differences between balance sheets for companies providing services versus those manufacturing products. Why are these differences essential? How are they useful to the financial analyst?

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