Ellie Inc. had the following account balances as of 12/31/23:

1. Accounts Receivable.................$5,000
2. Accounts Payable ......................$3,000
3. Accumulated Amortization .........($10,000)
4. Accumulated Depletion.............. ($5,000)
5. Accumulated Depreciation ........ ($11,000)
6. Buildings ................................$150,000
7. Cash .......................................$32,000
8. Common Stock .............................$12,000
9. Equipment ...............................$70,000
10. Goodwill ....................................$8,000
11. Inventory .................................$13,000
12. Land .....................................$111,000
13. Long-Term Notes Payable ...........$13,000
14. Long-Term Mortgage Payable.....$15,000
15. Notes Receivable (9-months)......$14,000
16. Patents ...................................$13,000
17. Prepaid Insurance ......................$6,000
18. Retained Earnings ...................$381,000
19. Timber ....................................$15,000
20. Trademarks .............................$14,000
21. Wages Payable..........................$1,000

Prepare a Balance Sheet as of 12/31/23 in proper format. Be sure to separate your ST and LT Assets, and also the 3 sections of the LT Assets.and Balance Sheet must balance (A-L=E).

Answer rating: 100% (QA)

As of 31st December 2023 Assets Current Assets Cash 32000 Accounts Receivable 5000 Inventory 13000 P... View the full answer