Following balance are reported by Allay Corp for the year ended 2019: a) Cash $8,000 b)...

Transcribed Image Text:

Following balance are reported by Allay Corp for the year ended 2019: a) Cash $8,000 b) Bank $12,000 c) Sundry Creditors $40,000 d) Prepaid Insurance $1,000 e) Outstanding Wages $2,000 f) Accrued Commission $1,200 g) Closing stock $90,000 h) Machinery $212,000 i) Capital $320,000 j) Retained Earnings $84,800 k) Debtors $86,000 1) Bills Receivable $40,000 m) Outstanding Salaries $2,000 Prepare the correct balance sheet. Following balance are reported by Allay Corp for the year ended 2019: a) Cash $8,000 b) Bank $12,000 c) Sundry Creditors $40,000 d) Prepaid Insurance $1,000 e) Outstanding Wages $2,000 f) Accrued Commission $1,200 g) Closing stock $90,000 h) Machinery $212,000 i) Capital $320,000 j) Retained Earnings $84,800 k) Debtors $86,000 1) Bills Receivable $40,000 m) Outstanding Salaries $2,000 Prepare the correct balance sheet.

Answer rating: 100% (QA)

The balance sheet is a financial statement that shows a companys financial position at a specific point in time It lists the companys assets liabiliti... View the full answer