At the end of 2015, Barth Company reported the following assets and liabilities: Cash, $2,200; Accounts Receivable, $4,600; Equipment, $2,250; Land, $12,500; and Accounts Payable, $1,875. Prepare a year-end balance sheet for Barth. (Hint: Report equity as a single total.)

Barth Company

Balance Sheet

As of December 31,

ASSETS

Current Assets:

Cash,                                  $2,200

Accounts Receivable,          4,600   $6,800

Equipment,                           2,250

Land,                                   12,500 $14,750

Total assets                                    $21,550

LIABILITIES + EQUITY:

Accounts Payable,                           $1,875

Equity                                             $19,675

Total liabilities + Equity                 $21,550

Explanation:

a) Data and Calculations:

Cash,                                  $2,200

Accounts Receivable,          4,600

Equipment,                           2,250

Land,                                   12,500

Total assets                     $21,550

Accounts Payable,             $1,875

Equity                                 19,675

Total liabilities + Equity  $21,550

b) Total Equity ($19,675) is the difference between the total Assets ($21,550) and the total Liabilities ($1,875).  The equity figure includes the contributed equity capital and the retained earnings.

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explanation:

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