Question: Shown below in random order is a list of balance

Shown below in random order is a list of balance sheet items for Apple Valley Farms at September 30, 2011:


Instructions
a. Prepare a balance sheet by using these items and computing the amount for Retained Earnings. Use a sequence of assets similar to that illustrated in Chapter 2 of the text. (After “Barns and Sheds,” you may list the remaining assets in any order.) Include a proper heading for your balance sheet.
b. Assume that on September 30, immediately after this balance sheet was prepared, a tornado completely destroyed one of the barns. This barn had a cost of $4,500 and was not insured against this type of disaster. Explain what changes would be required in your September 30 balance sheet to reflect the loss of thisbarn.


Sale on SolutionInn
Sales0
Views104
Comments
  • CreatedApril 17, 2014
  • Files Included
Post your question
5000