Required Information

[The following information applies to the questions displayed below.]

Bearings & Brakes Corporation (B&B) was incorporated as a private company. The companys accounts included the following at June 30:

Accounts Payable

$

64,000

Buildings

570,000

Cash

97,000

Common Stock

240,000

Equipment

162,000

Land

479,000

Notes Payable (long-term)

12,000

Retained Earnings

1,001,000

Supplies

9,000

Label in spread sheet as either:

Current Assets

Current Liabilities

liabilities

Stockholders' Equity

Prepare a balance sheet as of July 31st utilizing the above, current assets, current liabilities, liabilities, stockholders equity.