1,000 Part III: Practice Problem Balance Sheet Preparation Using only the Relevant information below for Lisa's Riding Academy. (1) prepare a Balance 12-31-20XX using good form. SHOW ALL WORK BELOW! You must solve for Retained Earn Note: Lisa's has been in existence for two years. Cash $25.000 $30,000 Horses 35,000 Expenses Mortgage Payable (long-term) 7,000 Land 25,000 Machinery and Equipment (net) 12,000 Accounts Payable 20,000 Accounts Receivable Supplies on Hand 3,000 Revenue 9,000 Building (net) 40,000 Capital Stock 30,000 Dividends 1,500 Retained Earnings (12-31-20XX) Lisa's Riding Academy Balance Sheet December 31, 20XX Current Assets: Current Liabilities: Long-Term Liabilities: $ Total Liabilities: Total Current Assets: Long-Term Assets: Stockholders' Equity: Total Long-Term Assets: $ Total Stockholders' Equity: $ Total Liabilities and Total Assets: $ Stockholders' Equity $ 2. True or False: The dollar amount for the Land account means the Land is worth $25,000. If false, explain your reason(s). 3. Does Retained Earnings generally equal Cash? Why or why not? 4. Which accounts did you not use? Why