Please complete in Excel. Attached is what I have so far. First two solutions needs to be redone because they should be dealth as a partnership not a cooperation. Third solution is a corporation. please review it.

Prepare a classified Balance Sheet, dated 12-31-14, for these 3 situations:

Situation 1

12-31-14 Assets:

Cash ..................................... 75,000

Accounts Rec. ................................ 184,000

Inventory ........................................ 300,000

Equipment, Net of Accum. Depr. ........ 803,000

12-31-14 Liabilities:

Accounts Pay. ................................ 150,000

Short-Term Notes Payable ................. 325,000

Long-Term Notes Payable .............. ... 625,000

12-31-14 Equity:

Business is named Happy Productions and is owned solely by Harry Happy.

(You will have to determine the equity amount)

Situation 2

Business is named Aztec Partners and is owned by Judy Smith and Al Topp

Assets and Liabs. are the same as situation 1.

Equity-

Capital as of 1-1-14:

Judy .............................................. 151,000

Al, ............................................... 184,000

Capital Contributed in 2014:

Judy ............................................ -

Al ................................................ -

Drawings ,2014:

Judy ........................................... 55,000

Al ............................................... 82,000

Share of Profits , every year:

Judy ..........................................0.4

Al ............................................0.6

Situation 3

Business is a corporation named Aztec, Inc.

Assets and Liabs. are the same as situation 1.

Equity-

Paid in Capital(Common Stock) as of 12-31-14 is ................... 350,000

Situation 1 Happy Productions Balance Sheet December 31, 2014 Assets Current Assets Cash Accounts Receivanle Inventory Total Current Assets 75000 184000 300000 559000 Equipment Total Assets 559000 803000 1362000 Liabilities and Stockholder's Equity Current Liabilities Accounts Payable 150000 Short Term Notes Payable 325000 Total Currenet Liabilities 475000 475000 Long term Liabilities Long term Notes Payable 625000 Share Holder's Equity (Balancing Figure) 262000 Total Liabilities and Stockholder's Equity 1362000 Situation 2 Aztec Partners Balance Sheet December 31, 2014 Assets Current Assets Cash Accounts Receivanle Inventory Total Current Assets Equipment Total Assets 75000 184000 300000 559000 559000 803000 1362000 Liabilities and Stockholder's Equity Current Liabilities Accounts Payable 150000 Short Term Notes Payable 325000 Total Currenet Liabilities 475000 475000 Long term Liabilities Long term Notes Payable Share Holder's Equity Judy Smith Al Topp Total Liabilities and Stockholder's Equity Particulars Drawings Closing Capital 625000 104800 157200 262000 1362000 Partners Capital Account Judy Smith Al Topp Particulars 55000 82000 Opening Capital 104800 157200 Cash (Balancing Figure) 159800 239200 Judy Smith 151000 8800 159800 Situation 3 Aztec Partners Balance Sheet December 31, 2014 Assets Current Assets Cash Accounts Receivanle Inventory Total Current Assets Equipment Total Assets 75000 184000 300000 559000 559000 803000 1362000 Liabilities and Stockholder's Equity Current Liabilities Accounts Payable 150000 Short Term Notes Payable 325000 Total Currenet Liabilities 475000 475000 Long term Liabilities Long term Notes Payable Al Topp 184000 55200 239200 625000 Share Holder's Equity Pain In Capital - Common Stock Add Retained Earning (Balancing Figure) 350000 -88000 262000 Total Liabilities and Stockholder's Equity 1362000