In alphabetical order below are balance sheet items for Burnett Company at December 31, 2014. Prepare a balance sheet following the format of Illustration 1-7

Accounts payable ...... $65,000
Accounts receivable.... 71,000
Cash........... 22,000
Common stock...... 18,000
Retained earnings...... 10,000

Transcribed Image Text:

SIERRA CORPORATION Balance Sheet October 31, 2014 Assets Cash Accounts receivable Supplies Prepaid insurance Equipment, net Total assets $15,200 200 1,000 550 4,960 $21,910 iabi lities and Stockholders' Liabilities Notes payable Accounts payable Unearned service revenue Salaries and wages payable Interest payable 5,000 2,500 800 1,200 50 Total liabilities 9,550 Stockholders' equity Common stock Retained earnings 10,000 2,360 Total stockholders' equity Total liabilities and stockholders' equity 12,360 $21,910