Problem 3-1: How are assets, liabilities, and equity shown on the balance sheet


Req 4PA Engineering, Inc.
Balance Sheet
at December 31, 2012


Current AssetsCurrent Liabilities
CashAccounts Payable
Accounts ReceivableSalaries and Wages Payable
Prepaid Office SuppliesInterest Payable
Income Tax Payable
Total Current Assets- Total Current Liabilities-

Long-Term Notes Payable
Long-Term Assets
ComputersContributed Capital
Less: Accumulated Depreciation(enter as -)Retained Earnings
Miscellaneous Other Assets-

Total Long-Term Assets-
Total Liabilities and Owner’s Equity$ –
Total Assets$ –

Total assets = $188,600

See T Accounts

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