Balance Sheet Preparation (12 points)

Use the following appropriate items and Balance Sheet Format and prepare the balance sheet for the Owen Davis Company, for year ending December 31, 2015.

(value at $000)

Accounts Payable $220 Inventories $375

Accounts Receivable 450 Land 100

Accruals 55 Long-term Debt 420

Accumulated Depreciation 265 Machinery 420

Buildings 225 Marketable Securities 75

Cash 215 Notes Payable 475

Cost of Goods Sold 2,500 Preferred Stock 100

Depreciation Expense 45 Retained Earnings 210

Equipment 140 Sales Revenue 3,600

Furniture and fixtur 170 Vehicles 25

General Expense 320 Paid-in-capital

Common Stock (at Par) 90 in excess of par 360