2. Balance sheet preparation Use the appropriate items from the following list to prepare in good form Owen Davis Company’s balance sheet at December 31, 2006. Item and the Value ($000) at

2. Balance sheet preparation Use the appropriate items from the following list to prepare in good form Owen Davis Company’s balance sheet at December 31, 2006.

Item and the Value ($000) at Dec. 31, 2006

Accounts payable $ 220 Inventories $ 375

Accounts receivable 450 Land 100

Accruals 55 Long-term debts 420

Accumulated depreciation 265 Machinery 420

Buildings 225 Marketable securities 75

Cash 215 Notes payable 475

Common stock (at par) 90 Paid-in capital in excess

Cost of goods sold 2,500 of par 360

Depreciation expense 45 Preferred stock 100

Equipment 140 Retained earnings 210

Furniture and fixtures 170 Sales revenue 3,600

General expense 320 Vehicles 25

Leave a Comment