Question

The following are the balances of the assets, liabilities, and equity of Kite Runner, Inc. at August 31, 2013:
Cash $24,000
Retained Earnings 18,400
Accounts Payable 5,000
Accounts Receivable 600
Office Equipment $4,100
Common Shares 5,000
Note Payable 1,000
Supplies 700
Requirements
1. What type of business organization is Kite Runner, Inc.?
2. Prepare the balance sheet of the business at August 31, 2013.
3. What does the balance sheet report?


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  • CreatedJuly 08, 2015
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