Hudson Hill is a realtor. He organized his business as a corporation on November $16,2022.$ The business received $$80,000$ cash from Hill and issued common stock.

Consider the following facts as of November $30,2022$:

$($Click the icon to view the facts.$)$

Read the requirements.

Requirement $1.$ Prepare the balance sheet of the real estate business of Hudson Hill Realtor, Inc., at November $30,2022.$

First prepare the balance sheet header, then complete the assets section of the statement. Finally, complete the liabilities and stockholders' equity section of the statement. $($Do not classify the balance sheet into current and long$-$term sections. In the first part complete the assets section of the balance sheet. In the second part complete the liabilities and stockholders' equity section of the balance sheet. If an input field is not used in the balance sheet leave the field empty; do not select a label or enter a zero.$)$

Requirements

Prepare the balance sheet of the real estate business of Hudson Hill Realtor, Inc., at November $30,2022.$

Does it appear that the realty business can pay its debts? How can you tell?

Identify the personal items given in the preceding facts that should not be reported on the balance sheet of the business.

a$.$ Hill has $$14,000$ in his personal bank account and $$52,000$ in the business bank account.

b$.$ Hill owes $$3,300$ on a personal charge account at a local department store.

c$.$ Hill acquired business furniture for $$26,300$ on November $24.$ Of this amount, the business owes $$18,000$ on accounts payable at November $30.$

d$.$ Office supplies on hand at the real estate office total $$1,000.$

e$.$ Hill's business owes $$123,000$ on a note payable for some land acquired for a total price of $$151,000.$

f$.$ Hill's business spent $$22,000$ for a Realty Know $-$ How franchise, which entitles him to represent himself as an agent. Realty Know $-$ How is a national affiliation of independent real estate agents. This franchise is a business asset.

g$.$ Hill owes $$195,000$ on a personal mortgage on his personal residence, which he acquired in $2014$ for a total price of $$348,000.$

Requirement $1.$ Prepare the balance sheet of the real estate business of Hudson Hill Realtor, Inc at November $30,2022$