Question

Redbird Properties, Inc. gathered the following information regarding the asset, liability, stockholders’ equity, revenue, and expense accounts as of the end of its second year in operations, December 31, 2019:

Rent Expense	$7,000
Building	36,320
Depreciation Expense	4,750
Cost of Goods Sold	10,000
Accounts Receivable	8,200
Note Payable (5 yr)	11,000
Common Stock	16,970
Cash	19,500
Salary Expense	4,400
Dividends	10,200
Retained Earnings, Jan 1 2015	17,085
Accounts Payable	11,800
Accumulated Depreciation (Building)	6,500
Income Tax Expense	6,585
Sales	48,800
Prepaid Rent	2,500
Inventory	2,000
Interest Expense	700

Prepare, in good form, the heading and Asset section only of the classified Balance Sheet for Redbird Properties, Inc. for 2019. You will prepare the Liabilities & Stockholders' Equity section in the next question. (You can receive partial credit.)

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Answer 1

Balance Sheet
Assets
Current Assets
Cash	$         19,500
Accounts receivable	$            8,200
Inventory	$            2,000
Prepaid Rent	$            2,500
Total Current Assets		$         32,200
Property Plant and Equipment
Building	$         36,320
Less : Accumulated Depreciation	$          -6,500
Total Property Plant and Equipment		$         29,820
Total Assets		$         62,020
Liabilities & Stockholder's Equity
Current Liabilities
Accounts payable	$         11,800
Total Current Liabilities		$         11,800
Non-Current Liabilities
Notes Payable		$         11,000
Total Liabilities		$         22,800
Stockholder's Equity
Common Stock	$         16,970
Retained Earnings	$         22,250
Total Stockholder's Equity		$         39,220
Total Liabilities & Stockholder's Equity		$         62,020

I have provided both sections.