Create a Balance Sheet

Complete Balance Sheet Exercise

Complete the balance sheet using the financial data that follows for Walldorf Company. The end of the fiscal period is August 31. Separate the current assets from fixed assets and the current liabilities from long-term debt.

• Accounts receivable $1,312,000

• Accounts payable $1,022,000

• Additional paid-in capital $1,110,000

• Cash and cash equivalents $ 83,000

• Common stock, $1 par value $ 74,000

• Credit line $ 100,000

• Current portion of long-term debt $ 52,000

• Inventory $ 1,270,000

• Long-term debt $ 1,037,000

• Other current assets and accruals $ 85,000

• Other long-term assets $ 213,000

• Other long-term liabilities $ 525,000

• Property, plant, and equipment $2,230,000

• Retained earnings $1,273,000