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Prepare skate sharp limited balance sheet at december

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At December 31, 2014, Skate Sharp Limited has cash of $13,000, receivables of $2,000, and inventory of $40,000. The company's equipment totals $75,000, and other assets amount to $10,000. Skate Sharp owes accounts payable of $10,000 and short-term notes payable of $5,000, and also has long-term debt of $70,000. Contributed capital is $15,000.

Question 1: Prepare Skate Sharp Limited's balance sheet at December 31, 2014, complete with its appropriate heading.

Reference no: EM132531259

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