Sample Balance Sheet
| Smith Heating and Cooling, Inc. | ||||
| Balance Sheet | ||||
| December 31, 2008 | ||||
| Assets: | ||||
| Current Assets: | ||||
| Cash | $ 29,000 | |||
| Accounts Receivable | $ 89,000 | |||
| Inventory | $ 182,000 | |||
| Prepaid Expenses | $ 9,000 | |||
| Total Current Assets | $ 309,000 | |||
| Fixed Assets: | ||||
| Land | $ 55,000 | |||
| Buildings | $ 320,000 | |||
| Equipment | $ 85,000 | |||
| Less: Accumulated Depreciation | $ (80,000) | |||
| Net Fixed Assets | $ 380,000 | |||
| Other Assets: | ||||
| Goodwill | $ 19,000 | |||
| Less: Accumulated Amortization | $ (2,000) | |||
| Total Other Assets: | $ 17,000 | |||
| Total Assets: | $ 706,000 | |||
| Liabilities: | ||||
| Current Liabilities: | ||||
| Current Portion of Long-Term Debt | $ 17,000 | |||
| Line of Credit | $ 84,000 | |||
| Accounts Payable | $ 165,000 | |||
| Accrued Expenses | $ 4,000 | |||
| Accrued Interest | $ 2,000 | |||
| Dividends Payable | $ 1,000 | |||
| Income Tax Payable | $ 2,000 | |||
| Total Current Liabilities: | $ 275,000 | |||
| Non-Current Liabilities: | ||||
| Note Payable-First Bank Mortgage | $ 284,000 | |||
| Note Payable-First Bank Loan | $ 64,000 | |||
| Note Payable-Owner | $ 80,000 | |||
| Total Non-Current Liabilities: | $ 428,000 | |||
| Total Liabilities: | $ 703,000 | |||
| Equity: | ||||
| Capital Stock | $ 1,000 | |||
| Additional Paid-In Capital | $ 20,000 | |||
| Retained Earnings | $ (18,000) | |||
| Total Equity: | $ 3,000 | |||
| Total Liabilities and Equity: | $ 706,000 | |||
Comments