In alphabetical order below are balance sheet items for George Company at December 31, 2012. Kayla George

Question:

In alphabetical order below are balance sheet items for George Company at December 31, 2012. Kayla George is the owner of George Company. Prepare a balance sheet, following the format of Illustration 1-9.

Accounts payable $90,000

Accounts receivable $72,500

Cash $49,000

Owner’s capital $31,500

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...