The following are the balances of the assets, liabilities, and equity of Fitness Fanatics at March 31,

Question:

The following are the balances of the assets, liabilities, and equity of Fitness Fanatics at March 31, 2016:

Office Equipment. Common Stock. Note Payable. $10,300 6,000 5,000 Cash Retained Earnings Accounts Payable. Accounts Rece

Requirements
1. What type of business organization is Fitness Fanatics?
2. Prepare the balance sheet of the business at March 31, 2016.
3. What does the balance sheet report?

Balance Sheet
Balance 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...