Charlotte Braun is a realtor. She buys and sells properties on her own and she also earns commission as a real estate agent for buyers and sellers. She organized her business as a proprietorship on November 24, 19X4. Consider the following facts as November 30, 19x4.

a Braun owed 85,000 on a note payable for some underdeveloped land that had been acquired by her business for a total price of 140,000

b. Braun’s business had spend 20,000 for a century 21 real estate franchise  which entitled her to represent herself as a century 21 agent. Century 21 is a national affiliation of independent real estate agents. This franchise is a business asset

c. Braun owed 120,000 on personal mortgage on her personal residence which she acquired in 19X1 for a total price of 170,000

d. Braun had 10,000 in her personal bank account and 12,000 in her business bank account

e. Braun owed 1,800 on a personal charge account with Neiman-Marcus Department Store

f. Braun acquired business for 17,000 on November 25, of this amount her business owed 6,000 on open account at November 30

g. Office supplies on hand at the real estate office totaled 1,000

Required

1 Prepared the balance sheet of the real estate business of Charlotte Braun Realtor at November 30, 19X4

2. Identify the personal items given in the proceeding facts that would not reported on balance sheet of the business

Answer rating: 100% (QA)

Step 1 Balance Sheet The purpose of preparing the balance sheet is to know the actual position ... View the full answer