At December 31, 2014, Skate Sharp Limited has cash of $13,000, receivables of $2,000, and inventory of

Question:

At December 31, 2014, Skate Sharp Limited has cash of $13,000, receivables of $2,000, and inventory of $40,000. The company's equipment totals $75,000, and other assets amount to $10,000. Skate Sharp owes of $10,000 and short-term notes payable of $5,000, and also has long-term debt of $70,000. Contributed capital is $15,000. Prepare Skate Sharp Limited's at December 31, 2014, complete with its appropriate heading.
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... 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...