Accounting help balance sheets?

-Prepare a classified Balance Sheet, dated 12-31-10, for these 3 situations:



Situation 1



12-31-10 Assets:

Cash 鈥︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€? 183,000

Accounts Rec. 鈥︹€︹€︹€︹€︹€?..鈥?.鈥︹€?274,000

Inventory 鈥︹€︹€︹€︹€︹€?..鈥︹€︹€︹€︹€︹€? 175,000

Equipment, Net of Accum. Depr. 鈥︹€?. 750,000



12-31-10 Liabilities:

Accounts Pay. 鈥︹€︹€︹€︹€︹€?..鈥?.鈥︹€?72,000

Short-Term Notes Payable 鈥?..鈥?.鈥︹€?295,000

Long-Term Notes Payable 鈥?..鈥?.鈥?鈥?388,000



12-31-10 Equity:

Business is named Happy Productions and is owned solely by Harry Happy.



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 1-1-10:

Judy 鈥︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€? 151,000

Al, 鈥︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€?. 184,000



Capital Contributed in 2010:

Judy 鈥︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€?. -

Al 鈥︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€?-



Drawings ,2010:

Judy 鈥︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€? 55,000

Al 鈥︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€?. 82,000



Share of Profits ,2010:

Judy 鈥︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€?0.4

Al 鈥︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€?. 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 12-31-10 is 鈥︹€︹€︹€︹€︹€? 611,000Situation 1



Happy Productions

Balance Sheet

December 31, 2010



Assets

Current Assets

Cash $183,000

Accounts Receivable 274,000

Inventory 175,000

Total Current Assets 632,000

Property, Plant and Equipment

Equipment, net of Accumulated Depreciation 750,000



Total Assets $1,382,000



Liabilities

Current Liabilities

Accounts Payable $72,000

Short-Term Notes Payable 295,000

Total Current Liabilities 367,000

Long-Term Liabilities

Long-Term Notes Payable 388,000



Total Liabilities 755,000



Owner's Equity

Harry Happy, Capital 627,000 (1,382,000 - 755,000)



Total Liabilities and Owner's Equity $1,382,000





Situation 2



Aztec Partners

Balance Sheet

December 31, 2010



Assets

Current Assets

Cash $183,000

Accounts Receivable 274,000

Inventory 175,000

Total Current Assets 632,000

Property, Plant and Equipment

Equipment, net of Accumulated Depreciation 750,000



Total Assets $1,382,000



Liabilities

Current Liabilities

Accounts Payable $72,000

Short-Term Notes Payable 295,000

Total Current Liabilities 367,000

Long-Term Liabilities

Long-Term Notes Payable 388,000



Total Liabilities 755,000



Owner's Equity

Judy Smith, Capital 269,200 [151,000 - 55,000 + (*433,000 x .4)]

All Topp, Capital 357,800[184,000 - 82,000 + (*433,000 x .6)]



Total Owner's Equity $627,000



Total Liabilities and Owner's Equity $1,382,000



*Net Income must have been 627,000 - 96,000 - 98,000 = 433,000

Total Equity from Situation 1 - Judy's Capital before net income - Al's Capital before net income





Situation 3



Aztec, Inc.

Balance Sheet

December 31, 2010



Assets

Current Assets

Cash $183,000

Accounts Receivable 274,000

Inventory 175,000

Total Current Assets 632,000

Property, Plant and Equipment

Equipment, net of Accumulated Depreciation 750,000



Total Assets $1,382,000



Liabilities

Current Liabilities

Accounts Payable $72,000

Short-Term Notes Payable 295,000

Total Current Liabilities 367,000

Long-Term Liabilities

Long-Term Notes Payable 388,000



Total Liabilities 755,000



Stockholders' Equity

Common Stock 611,000

Retained Earnings 16,000 (627,000 - 611,000)



Total Stockholders' Equity $627,000



Total Liabilities and Stockholders' Equity $1,382,000