78. Balance Sheet Preparation 

Consider PQR Enterprises with the following assets: Cash $150,000, Accounts Receivable $90,000, Inventory $70,000, and Property, Plant, and Equipment $600,000. Liabilities include Accounts Payable $120,000 and Long-Term Debt $450,000. Prepare a balance sheet for PQR Enterprises, detailing assets, liabilities, and owner's equity.

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

• Cash: $150,000
• Accounts Receivable: $90,000
• Inventory: $70,000
• Property, Plant, and Equipment: $600,000

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Total Assets: $910,000

Liabilities:

• Accounts Payable: $120,000
• Long-Term Debt: $450,000

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Total Liabilities: $570,000

Owner's Equity:

• Total Assets - Total Liabilities
• $910,000 - $570,000

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Owner's Equity: $340,000