Klear$-$Seal Company, for the year ended December $31,19$x$5$

ITIT TME SI A I EMEN I

Whithowing information has been taken from the ledger accounts of Klear$-$Seal Company

the year ended December $31,19$x$5$:

Selling expenses $...............$ $ $140,000$

Raw materials inventory, January $1......90,000$

Raw materials inventory, December $31....60,000$

Urilities, factory $................36,000$

Direct labor cost $............150,000$

Depreciation, factory. $..........162,000$

$750,000$

Purchases of raw materials $........2,500,000$

Sales $........................40,000$

Insurance, factory $............................$

Supplies, factory. $................270,000$

Administrative expenses $.............300,000$

Indirect labor $............87,000$

Work in process inventory, January $131...100,000$

limshed goods inventory, January $31$ limshed goods inventory, December $31$

Prepare a Balance Sheet for Arts Associates, using today's date. Assets include cash $$9,000\mathrm{.}00,$studio

equipment $$33,000\mathrm{.}00$ and building $$66,000\mathrm{.}00.$ Supplies $$950$ Liabilities include two separate suppliers: Photo

Services Ltd$.$ $$4,000\mathrm{.}00,$ and Kodak Ltd$.$ $$4,950\mathrm{.}00,$ Bank loan $$900.$ Remember to calculate the owner's equity

for the owner, Robert Zimmerman