Prepare a December 31 balance Sheet in proper form for Smokey River Supplies from the following list
Question:
Prepare a December 31 balance Sheet in proper form for Smokey River Supplies from the following list of the accounts:
Cash....... $10,000
Accounts Receivable..... 8,000
Supplies.... 12,000
Equipment.......35,000
Land...... 18,000
Accounts payable........ 13,000
Notes payable....... 41,000
L. Marks, Capital.........29,000
Is this correct???
Smokey River Supplies Balance Sheet December 31 |
Assets Liabilities Land............................. $18,000 Accounts payable................ $13,000 Equipment.................. 35,000 Notes Payable...................... 41,000 Cash............................. 10,000 Total Liabilities..................... $54,000 Account Receivable... 8,000 Equity Supplies...................... 12,000 L. Marks, Capital*................... 29,000 Total assets................. $83,000 Total liabilities & St Holdersequity... $83,000 |
Forensic And Investigative Accounting
ISBN: 9780808056300
10th Edition
Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton