Introducing Financial Statements

Fundamentals of Accounting

Use the following account information to prepare the 2011 balance sheet for Blaze Industries. Be sure to use the proper format. If you need to research the format for balance sheets, you may wish to start with the suggested materials in Resources.

· Wages payable - $880.00.

· Supplies - $80.00.

· Common stock - $10,000.00.

· Equipment - $217,200.00.

· Interest payable - $3,600.00.

· Retained earnings - $27,520.00.

· Accounts receivable - $400.00.

· Long-term bonds payable - $150,000.00.

· Cash - $3,050.00.

· Advances from customers - $460.00.

· Prepaid insurance - $830.00.

· Accumulated depreciation - $29,100.00.

Blaze Industries Balance Sheet, as of December 31, 2011