Listed in random order below are some of the account balances for the Uptime Services Company as

Question:

Listed in random order below are some of the account balances for the Uptime Services Company as of December 31, 2010.

Accounts Payable Building Common Stock $ 25,000 56,250 $31,250 Accounts Receivable Cash Equipment Retained Earnings 12,5

Place the balances in proper order and prepare a balance sheet similar to the one in Exhibit 1-3.

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...