Gary Brevard is the sole proprietor of the Brevard Golf Course. His balance shee

Question

Gary Brevard is the sole proprietor of the Brevard Golf Course. His balance sheet accounts are shown below at the end of 2016. Cash $15,000.00 Prepaid insurance 1,000.00 Land 150,000.00 Accounts payable 8,000.00 Account receivables 10,000.00 Taxes payable 3,000.00 Mortgage payable 360,000.00 Equipment 200,000.00 Buildings 400,000.00 Inventories 6,000.00 Wages payable 3,500.00 Owners' equity 257,500.00 Investments 50,000.00 Accumulated depreciation 200,000.00 Prepare a balance sheet for the Brevard Golf Course.

Explanation / Answer

Balance sheet :

Assets Current assets Cash 15000 Account receivable 10000 Inventories 6000 Prepaid insurance 1000 32000 Non current assets Investment 50000 Land 150000 Building 400000 Equipment 200000 Less: Accumlated dep (200000) 600000 Total Assets 632000 Liabilities and owner's equity Current liabilities Account payable 8000 Taxes payable 3000 Wages payable 3500 14500 Long term liabilities Mortgage Payable 360000 360000 Total liabilities 374500 Owner's equity Owner's capital 257500 Total liabilities and owner's equity 632000

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