The following is selected financial information for TLC Company as of December 31, 2013. Liabilities . .

Question:

The following is selected financial information for TLC Company as of December 31, 2013.

Liabilities . . . . . . $64,000

Equity . . . . . . . . $50,000

Assets . . . . . . . . $114,000

Required

Prepare the balance sheet for TLC Company as of December 31, 2013.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...