The following is selected financial information for Amity Company as of December 31, 2010: liabilities, $54,244; equity,

Question:

The following is selected financial information for Amity Company as of December 31, 2010: liabilities, $54,244; equity, $87,756; assets, $142,000.

Required

Prepare the balance sheet for Amity Company as of December 31, 2010.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...