On December 31, Patterson Company had the following list of account balances.

Accounts Payable $42,300

Dividends $17,300

Accounts Receivable 44,000

Equipment 50,800

Accumulated Depreciation, Buildings 63,900

Prepaid Rent 14,700

Accumulated Depreciation, Equipment 10,700

Rent Expense 11,000

Beginning Retained Earnings 31,100

Salaries Expense 6,100

Buildings 119,000

Salaries Payable 8,900

Capital Stock 57,000

Service Revenue 121,600

Cash 39,900

Supplies 10,800

Depreciation Expense, Buildings 8,300

Supplies Expense 9,000

Depreciation Expense, Equipment 4,600

Required:

Prepare a balance sheet on December 31.

Patterson Company

Balance sheet as at December 31

Fixed Assets:

Equipment $50,800

Less: Accumulated Depreciation, Equipment $10,700

Buildings $119,000

Less: Accumulated Depreciation, Buildings $63,900

Total Fixed Assets $95,200

Current Assets:

Accounts Receivable $44,000

Prepaid Rent $14,700

Cash $39,900

Supplies $10,800

Total current Assets $109,400

Current Liabilities:

Accounts Payable $42,300

Salaries Payable $8,900

Total current liabilities $51,200

Total Net Assets = $153,400

Shareholders Equity:

Capital Stock $57,000

Retained earnings $96,400

Shareholders equity $153,400

Income statement.

Service Revenue 121,600

Supplies Expense 9,000

Gross Profit 112,600

Less expenses:

Depreciation Expense, Equipment 4,600

Depreciation Expense, Buildings 8,300

Rent Expense 11,000

Salaries Expense 6,100

Net income $82,600

Dividends $17,300

Transfer to retain earnings $65,300

Beginning Retained Earnings 31,100

Closing retained earnings $96,400

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answer; a large down payment,a longer term loan, would result in a lower monthly payment;