In alphabetical order below are balance sheet items for Mendoza Company at December 31, 2017. Kathy Mendoza

Question:

In alphabetical order below are balance sheet items for Mendoza Company at December 31, 2017. Kathy Mendoza is the owner of Mendoza 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...