DQ #2 Given the following account information for Leong Corporation, prepare a balance sheet in report form for the company as of December 31, 2010. All accounts have normal balances.

Equipment 40,000

Interest Expense 2,400

Interest Payable 600

Retained Earnings ?

Dividends 50,400

Land 137,320

Inventory 102,000

Bonds Payable 78,000

Notes Payable (due in 6 months) 14,400

Common Stock 60,000

Accumulated Depreciation - Eq. 10,000

Prepaid Advertising 5,000

Revenue 331,400

Buildings 80,400

Supplies 1,860

Taxes Payable 3,000

Utilities Expense 1,320

Advertising Expense 1,560

Salary Expense 53,040

Salaries Payable 900

Accumulated Depr. - Bld. 15,000

Cash 30,000

Depreciation Expense, Building & Equipment 8,000