P5-3

Preparing a Balance Sheet and Analyzing Some of Its Parts LO5-3 Exquisite Jewelers is developing its annual financial statements for 2015. The following amounts were correct at December 31, 2015: cash, $58,000; accounts receivable, $71,000; merchandise inventory, $154,000; prepaid insurance, $1,500; investment in stock of Z corporation (long-term), $36,000; store equipment, $67,000; used store equipment held for disposal, $9,000; accumulated depreciation, store equipment, $19,000; accounts payable, $52,500; long-term note payable, $42,000; income taxes payable, $9,000; retained earnings, $164,000; and common stock, 100,000 shares outstanding, par value $1.00 per share (originally sold and issued at $1.10 per share). Required: 1 Based on these data, prepare a December 31, 2015, balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Possible input areas are shaded. EXQUISITE JEWELERS Balance Sheet December 31, 2015 Assets Current assets: Total current assets $ - Long-term investments: Fixed assets: Total fixed assets - Other assets: Total assets $377,500 Liabilities Current liabilities: Total current liabilities $ - Long-term liabilities: Total liabilities - Stockholders' Equity Contributed capital: Total contributed capital - Total stockholders' equity - Total liabilities and stockholders' equity $ - Required: 2 What is the net book value of the store equipment? Net book value I@j