In alphabetical order below are balance sheet items for Ellerby Company at December 31, 2019. Prepare a

Question:

In alphabetical order below are balance sheet items for Ellerby Company at December 31, 2019. Prepare a balance sheet, following the format of Illustration 1-10.

Accounts payable..........................$85,000

Accounts receivable........................72,500

Cash..........................................44,000

Common stock..............................31,500

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...