Question: Listed in random order are the items to be included in the balance sheet of Tri-State Lodge at December 31, year 1. Instructions a. Prepare

Listed in random order are the items to be included in the balance sheet of Tri-State Lodge at December 31, year 1.

Instructions
a. Prepare a balance sheet at December 31, year 1. Include a proper heading and organize your balance sheet similar to the illustrations shown in Chapter 2. You will need to compute the amount to be shown for Capital Stock.
b. Assume that no payment is due on the notes payable until year 3. Does this balance sheet indicate that the company is in a strong financial position as of December 31, year 1? Explain briefly.

Equipment.. Land Buildings 2880 Cas. 3,960 FurnishingS 15.840Notes Payable 10,920 27,120 260,400 270,480 Accounts Recelvable .. . Salarles Payable... 4,800 Retalned Earnings

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