19. Balance Sheet Preparation

Consider GHI Enterprises with the following assets: Cash $90,000, Accounts Receivable $60,000, Inventory $50,000, and Property, Plant, and Equipment $350,000. Liabilities include Accounts Payable $70,000 and Long-Term Debt $300,000. Prepare a balance sheet for GHI Enterprises, detailing assets, liabilities, and owner's equity.

GHI Enterprises' balance sheet is prepared as follows: Assets:

• Cash: $90,000
• Accounts Receivable: $60,000
• Inventory: $50,000
• Property, Plant, and Equipment: $350,000

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Total Assets: $550,000

Liabilities:

• Accounts Payable: $70,000
• Long-Term Debt: $300,000

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Total Liabilities: $370,000

Owner's Equity:

• Total Assets - Total Liabilities
• $550,000 - $370,000

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Owner's Equity: $180,000