Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello

Exercise 50

You are to prepare a balance sheet for a hypothetical business entity of your choosing (or specified. by your instructor). Include in your balance sheet the types of assets and liabilities that you think the entity might have, and show these items at what you believe would be realistic dollar amounts. Make reasonable assumptions with regard to the company's capital stock and retained earnings.
Note: The purpose of this assignment is to help you consider the types of assets and liabilities required for the operations of a specific type of business. You should complete this assignment without referring to an actual balance sheet for this type of business.