Accounting and Finance Foundations

Unit 7

Accounting and Finance Foundations Unit 7: Financial Statements 569

Financial Statements

Chapter 18

18.3.2

Student Assignment

Balance Sheet Word Problems & Exercise (cont’d)

7. Exercise - Balance Sheet - Q-Tex Corporation

The following account balances were obtained from the general ledger accounts as of

December 31, 20XX. Prepare an expanded balance sheet for the Q-Tex Corp.

Accounts Payable $10,750

Accounts Receivable 6,700

Building 37,500

Cash in Bank 7,500

Common Stock $100 Par Value, 500 shares issued

Land 22,000

Merchandise Inventory 14,800

Mortgage Payable 25,000

Notes Payable 5,700

Office Equipment 18,000

Office Supplies 1,200

Retained Earnings 15,500

Sales Tax Payable 750