Prepare a classified Balance Sheet, dated 12-31-14, for these 3 situations: Situation 1 12-31-14 Assets: Cash . 183,000 Accounts Rec. ..... 274,000 Inventory .... 175,000 Equipment, Net of Accum. Depr. .. 750,000 12-31-14 Liabilities: Accounts Pay. ..... 72,000 Short-Term Notes Payable ..... 295,000 Long-Term Notes Payable ..... 388,000 12-31-14 Equity: Business is named Happy Productions and is owned solely by Harry Happy. (You will have to determine the equity amount)

Situation 2 Business is named Aztec Partners and is owned by Judy Smith and Al Topp Assets and Liabs. are the same as situation 1. Equity- Capital as of 1-1-14: Judy . 151,000 Al, .. 184,000 Capital Contributed in 2014: Judy .. - Al - Drawings ,2014: Judy . 55,000 Al .. 82,000 Share of Profits ,every year: Judy 0.4 Al .. 0.6

Situation 3 Business is a corporation named Aztec, Inc. Assets and Liabs. are the same as situation 1. Equity- Paid in Capital(Common Stock) as of 12-31-14 is . 611,000