Level 2 Chapter 15 - Section 1 - Exercise 35a a. Use the following financial information to prepare a balance sheet with vertical analysis as of June 30, 2011, for Stargate Industries, Inc.: cash, $44,300; accounts receivable, $127,600; merchandise inventory, $88,100; prepaid maintenance, $4,100; office supplies, $4,000; land, $154,000, building, $237,000; fixtures, $21,400; vehicles, $64,000; computers, $13,000; goodwill, $20,000; investments, $32,000; accounts payable, $55,700, salaries payable, $23,200, notes payable ( 6-month), $38,000; mortgage payable, $91,300; debenture bonds, $165,000; common stock, $350,000, and retained earnings, $86,300. Stargate Industries, Inc. Balance Sheet June 30, 2008 Percent Assets Current Assets Cash Accounts Receivable Merchandise Inventory Prepaid Maintenance Office Supplies Total Current Assets Property, Plant and Equipment Land Buildings Fixtures Vehicles Computers Total Property, Plant and Equiment Investments and Other Assets Investments Goodwill Total Investments and Other Assets Total Assets Liabilities and Owner's and Equity Current Liabilities Accounts Payable Salaries Payable Notes Payable Total Current Liabilities Long-Term Liabilities Mortgage Payable Debenture Bonds Total Long-Term Liabilities Total Liabilities Owner's Equity Common Stock Retained Earnings Total Owner's Equity Total Liabilities and Owner's Equity