In alphabetical order below are balance sheet items for Fritz Company at December 31, 2014. Molly Fritz

Question:

In alphabetical order below are balance sheet items for Fritz Company at December 31, 2014. Molly Fritz is the owner of Fritz Company. Prepare a balance sheet, following the format of Illustration 1-9.

Accounts payable ..........$90,000

Accounts receivable .........$72,500

Cash ...............$49,000

Owner’s capital ............$31,500

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...