The data is extracted from the books of Mystery Mountain Lodge at December 31, 2001:    Equipment Rs

Solution:

Balance Sheet

Assets       Liabilities         
Current Assets:       Interest payable   12,000     
Cash   21,400   Salaries Payable   33,500     
Accounts receivable   10,600   Accounts Payable   54,800     
Snowmobiles   15,400   Notes Payable   490,000     
                 
Fixed Assets       Capital         
Land   45,000   Owner’s capital   40,000     
Buildings   450,000             
Furnishings   58,700             
Equipment   29,200             
Total assets   630,300       630,300