Balance Sheet

Name _____________________________________ACCT 223
Extra Credit – Balance Sheet
Using the account balances below, prepare a Balance Sheet in PROPER format, assuming the
Net Income for the year is $200,000. Not all accounts will be used.
12/31/2023
Accounts Payable
Accounts Receivable
Additional Paid-in Capital
Automobiles
Building Improvements
Buildings
Cash
Coal
Cost of Goods Sold (COGS)
Common Stock $1 par, 400,000 shs authorized, 30,000 shs issued, 25,000
shs outstanding
Computer Software
Conferences & Travel Expense
Depreciation, Depletion & Amortization Expense
Dividends Paid
General & Administrative Expense
Goodwill
Income Tax Expense
Insurance Expense
Interest Expense
Interest Income
Interest Payable
Land
Accumulated Amortization
Accumulated Depletion
Accumulated Depreciation
Long-Term Bonds Payable
Long-Term Note Payable
Inventory
Net Sales
Patents
Preferred Stock, $1 par, 15,000 shs outstanding
Prepaid Insurance
Equipment
Payroll Taxes Expense
Retained Earnings (1/1/23 = $100,000)
Selling & Advertising Expense
Short-Term Investments
Short-term Note Payable
$
$
$
$
$
$
$
$
$
80,000
90,000
10,000
30,000
60,000
325,000
125,000
20,000
600,000
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
30,000
40,000
10,000
15,000
10,000
155,000
120,000
30,000
60,000
20,000
25,000
20,000
130,000
(25,000)
(30,000)
(140,000)
195,000
205,000
25,000
1,265,000
35,000
15,000
15,000
115,000
30,000
?
20,000
25,000
140,000
$
$
$
Timber
Trademarks
Treasury Stock 5,000 shs
Utilities Expense
Wages Expense
Wages Payable
$
$
$
$
$
$
25,000
15,000
(5,000)
20,000
130,000
20,000