Balance Sheet Information Skills Test

Let's see if you've got your ducks in a row regarding Balance Sheets.

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The General Ledger has the following accounts and balances:

Land 20,000 Cash 5,000
Accounts Receivable 10,000 Buildings-Net 100,000
Accounts Payable 10,000 Accrued Salaries & Wages 2,000
Notes Payable-Current 20,000 Inventory 25,000
Capital-Beginning 50,000 Taxes Payable 3,000
Prepaid Expenses 2,000 Vehicles-Net 15,000
Supplies 1,000 Notes Payable-Long Term 70,000
Petty Cash 1,000

Using the above information select the appropriate dollar amount for the following questions: Note: Paper, pencil, and a calculator will aid you in calculating the correct amounts.
Hint: Preparing a Balance Sheet will provide you with the answers to the questions.

Give the test a try on your own; but, if you need to see the results, check out the Balance Sheet I prepared for you.

Question .


Select the Correct Amount from the list above