Circus World is the name of a traveling circus. The ledger accounts of the business at June

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Circus World is the name of a traveling circus. The ledger accounts of the business at June 30, current year, are listed here in alphabetical order.
Circus World is the name of a traveling circus. The

Instructions
a. Prepare a balance sheet by using these items and computing the amount of Cash at June 30, current year. Include a proper balance sheet heading.
b. Assume that late in the evening of June 30, after your balance sheet had been prepared, a fire destroyed one of the tents, which had cost $10,000. The tent was not insured. Explain what changes would be required in your June 30 balance sheet to reflect the loss of this asset.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Financial and Managerial Accounting the basis for business decisions

ISBN: 978-1259692406

18th edition

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

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