The following are the balances of the assets, liabilities, and equity of Kite Runner, Inc. at August
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?
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
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