Balance Sheet - three (3) questions

Instructions: Please prepare a Balance Sheet on your scratch paper based on the following Partial Adjusted Trial Balance. Use this Balance Sheet to answer this question and the next two questions.

You will need to know the amounts for total assets, total current assets, and total stockholders' equity.

Adjusted Trial Balance

As of 12/31/20xx

Accounts	Account Balances
Cash	$20,210
Accounts Receivable	30,000
Allowance for Uncollectible Accounts	4,000
Inventory	35,000
Building	40,185
Accumulated Depreciation	10,000
Accounts Payable	12,210
Deferred Revenue	10,000
Common Stock	20,000
Retained Earnings	20,000
Dividends	3,000
Revenue (Sales)	65,185
Sales Allowances	1,000
Rent Expense	4,000
Interest Expense	4,000
Income Tax Expense	4,000

Question: Based on the Partial Trial Balance and Additional Info shown below, what is the amount of the Total Assets shown on the Balance Sheet you prepared on your scratch paper?

Balance Sheet Question: Based on the Balance Sheet you prepared on your scratch paper, what is amount of the Total Current Assets shown on the Balance Sheet you prepared on your scratch paper?

Balance Sheet Question: Based on the Balance Sheet you prepared on your scratch paper, what is amount of the Total Stockholders Equity shown on the Balance Sheet you prepared on your scratch paper?

Additional Information:

Net Income After-taxes for the Accounting Period equaled $52,185

• Beginning Balance of Common Stock on 1/1/20xx $20,000
• Beginning Balance of Retained Earnings on 1/1/20xx $20,000
• No new stock was issued during the accounting period.