The data is extracted from the books of Mystery Mountain Lodge at December 31, 2001:   

Equipment	Rs. 29,200	Buildings	Rs. 450,000
Land	45,000	Owner’s capital at start	?
Accounts payable	54,800	Cash	21,400
Accounts receivable	10,600	Furnishings	58,700
Accumulated Depreciation	10300	Sales	255000
Salaries payable	33,500	Snowmobiles	15,400
Gross Profit	75000	Notes payable	490000
Interest payable	12,000	Income	21000
Owners capital at end	411000	Purchases	85000

Requirement:                                                                     

1. Prepare a Balance Sheet at December 31, 2001.
2. prepare a vertical common size analysis of the statement, and comment.

Answer rating: 100% (QA)

Solution Mystery Mountain Lodge Answer i Balance Sheet Assets Amount Amount Current Assets Cash 2140000 Accounts Receivable 1060000 Current Assets 320... View the full answer