Exercise 12-9 Preparing a partnership balance sheet P2

Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the year ended December 31 follow.

Accounts payable	$	5,600			Accounts receivable	$	17,200
Cash		46,000			Gomez, Capital		21,000
Land		31,000			Long-term notes payable		26,000
Pearson, Capital		36,000			Litt, Capital		5,600

Prepare a classified balance sheet.

PEARSON, GOMEZ, AND LITT PARTNERSHIP Balance Sheet December 31 Assets Current assets Total current assets Plant assets Total assets $ 0 Liabilities Current liabilities Long-term liabilities Total liabilities 0 Equity Total liabilities and equity $