P$5-1($Algo$)$ Preparing a Balance Sheet and Analyzing Some of Its Parts L$05-3$

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Exquisite Jewelers is developing its annual financial statements for the current year. The following amounts were correct at December $31,$ current year. cash, $$59,350$; accounts receivable, $$72,500$; merchandise inventory, $$157,000$; prepaid insurance, $$1,650$; investment in stock of $Z$ Corporation $($long$-$term$),$ $$37,500$; store equipment, $$70,000$; used store equipment held for disposal, $$9,600$; accumulated depreciation, store equipment, $$19,300$; accounts payable, $$54,000$; long$-$term note payable, $$43,500$; income taxes payable, $$10,500$; retained earnings, $$167,000$; and common stock, $103,000$ shares outstanding, par value $$1\mathrm{.}00$ per share $($originally sold and issued at $$1\mathrm{.}10$ per share$).$

P$5-1$ Part $1$

Required:

Based on these data, prepare a December $31,$ current year, balance sheet.

Note: Amounts to be deducted should be indicated by a minus sign.

$\backslash$table$[[$BXQISITE JEWELERS,$],[$For the Year Ended December $31,$ Current Year,$],[$Assets$,,],[$Current assets,,$],[$Cash$,$$$59,350,],[$Accounts receivable,$72,500,],[$Merchandise inventory,$157,000,],[$Prepaid insurance,$1,650,],[,,],[$Total current assets,,$