Use the balance sheet for Leatherheads Football Gear, Inc., at August 31, 2010, to answer the following
Question:
1. List the assets the company had on August 31, 2010. Who has claim to these assets?
2. List the liabilities the company had on August 31,2010.
Transcribed Image Text:
Leatherheads Football Gear, Inc. Balance Sheet At August 31, 2010 Assets Liabilities and Shareholder's Equity Cash 7,250 Accounts payable.. . . 4,575 11,570 400 Notes payable Accounts receivable Inventory Prepaid insurance. Prepaid rent Equipnt (net) 275 490 345 875 14,000 $28,635 Contributed capital Retained earnings. 4,460 3,040
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1 Assets Cash 7250 Shortterm Investments 400 Accounts rece...View the full answer
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Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
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