At December 31, 2012, Landy Products has cash of $12,000, receivables of $8,000, and inventory of $44,000 The companys equipment totals $88,000 Landy owes accounts payable of $13,000 and long term notes payable of $80,000 Common stock is $15,300 Prepare Landys balance sheet at December 31, 2012, co...

Landy Products Balance Sheet December 31 2012 ASSETS Current as ...

At December 31, 2012, Landy Products has cash of $12,000, receivables of $8,000, and inventory of $44,000.

Question:

At December 31, 2012, Landy Products has cash of $12,000, receivables of $8,000, and inventory of $44,000. The company’s equipment totals $88,000. Landy owes of $13,000 and long-term notes payable of $80,000. is $15,300.
Prepare Landy’s at December 31, 2012, complete with its proper heading. Use the accounting equation to compute retained earnings.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... 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...