X 1) Markowitz owes S100,000 on a personal mortgage on her personal residence, which she acquired in 2005 for a total price of $350,000. g) Markowitz owes $1,800 on a personal charge account with Holt Renfrew. h) Markowitz acquired business furniture for $10,000 on March 25. Of this amount, the business owes $6,000 on accounts payable at March 31. Requirements 1. Prepare the balance sheet of the real estate business of Alexa Markowitz Realtor Inc. at March 31, 2014. 2. Does it appear that the realty business can pay its debts? How can you tell? 3. Explain why some of the items given in the preceding facts were not reported on the balance sheet of the business. Alexa Markowitz Balance Sheet X 1) Markowitz owes S100,000 on a personal mortgage on her personal residence, which she acquired in 2005 for a total price of $350,000. g) Markowitz owes $1,800 on a personal charge account with Holt Renfrew. h) Markowitz acquired business furniture for $10,000 on March 25. Of this amount, the business owes $6,000 on accounts payable at March 31. Requirements 1. Prepare the balance sheet of the real estate business of Alexa Markowitz Realtor Inc. at March 31, 2014. 2. Does it appear that the realty business can pay its debts? How can you tell? 3. Explain why some of the items given in the preceding facts were not reported on the balance sheet of the business. Alexa Markowitz Balance Sheet