Presented below are the balances of the assets and liabilities of Summerland Consulting Services as of September

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Presented below are the balances of the assets and liabilities of Summerland Consulting Services as of September 30, 2014. Also included are the revenue and expense account balances of the business for September.
Consulting Service Revenue Accounts Receivable.. Accounts Payable. Salary Expense.. M. Hall, Capital . Computer Equipmen

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1. What type of business entity or organization is Summerland Consulting Services? How can you tell?
2. Prepare the balance sheet of Summerland Consulting Services as of September 30, 2014.
3. What does the balance sheet report-financial position or operating results? Which financial statement reports the other information?

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...
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Related Book For  book-img-for-question

Accounting Volume 1

ISBN: 978-0132690096

9th Canadian edition

Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

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