34. Balance Sheet Preparation 

Consider STU Enterprises with the following assets: Cash $80,000, Accounts Receivable $70,000, Inventory $60,000, and Property, Plant, and Equipment $400,000. Liabilities include Accounts Payable $90,000 and Long-Term Debt $300,000. Prepare a balance sheet for STU Enterprises, detailing assets, liabilities, and owner's equity.

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

• Cash: $80,000
• Accounts Receivable: $70,000
• Inventory: $60,000
• Property, Plant, and Equipment: $400,000

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Total Assets: $610,000

Liabilities:

• Accounts Payable: $90,000
• Long-Term Debt: $300,000

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Total Liabilities: $390,000

Owner's Equity:

• Total Assets - Total Liabilities
• $610,000 - $390,000

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Owner's Equity: $220,000