Prepare a December 31 balance Sheet in proper form for Smokey River Supplies from the following list of the accounts:

Cash....... $10,000

Accounts Receivable..... 8,000

Supplies.... 12,000

Equipment.......35,000

Land...... 18,000

Accounts payable........ 13,000

Notes payable....... 41,000

L. Marks, Capital.........29,000

Is this correct???

Smokey River Supplies

Balance Sheet

December 31

Assets Liabilities

Land............................. $18,000 Accounts payable................ $13,000

Equipment.................. 35,000 Notes Payable...................... 41,000

Cash............................. 10,000 Total Liabilities..................... $54,000

Account Receivable... 8,000 Equity

Supplies...................... 12,000 L. Marks, Capital*................... 29,000

Total assets................. $83,000 Total liabilities & St Holdersequity... $83,000