HERE COME THE CLOWNS! is the name of a traveling circus. The ledger accounts of the business at June 30, the current year, are listed here in alphabetical order.

Instructions
 a. Prepare a balance sheet by using these items and computing the amount of Cash at June 30, the current year. Organize your balance sheet similar. 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 $17,160. The tent was not insured. Explain what changes would be required in your June 30 balance sheet to reflect the loss of this asset.

Transcribed Image Text:

Accounts Payable .. $ 31,320 Notes Payable ... $216,000 Accounts Recelvable 8,940 Notes Recelvable 11,400 Animals 226,872 Props and Equipment 107,496 Cages . 29,556 Retalned Earnings 32,676 Capital Stock 360,000 Salarles Payable 11,700 Cash Tents .. 75,600 ? Costumes. 37,800 Trucks & Wagons 127,008 .......... ............. Accounts Payable .. $ 31,320 Notes Payable ... $216,000 Accounts Recelvable 8,940 Notes Recelvable 11,400 Animals 226,872 Props and Equipment 107,496 Cages . 29,556 Retalned Earnings 32,676 Capital Stock 360,000 Salarles Payable 11,700 Cash Tents .. 75,600 ? Costumes. 37,800 Trucks & Wagons 127,008 .......... .............

Answer rating: 100% (QA)

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