Problem 1-38 introduced Lydia Cravette and her florist shop. At the end of May, the following items
Question:
Inventory………………………………………..$ 1,100
Wages owed to employees……………………… 950
Loan owed to the bank…………………………. 8,000
Cash held in a chequing account………………... 8,361
Cost of refrigerator used to store the flowers…… 18,695
Prepaid rent for June…………………………….. 1,500
Common shares………………………………….. 18,000
Retained earnings………………………………… 2,706
Required:
a. Identify each of the items in her records as an asset, liability, or shareholders' equity item.
b. Prepare a balance sheet for the end of May.
c. Lydia Cravette does not have accounts receivable in her records. Explain why it is unlikely that she will have an account called accounts receivable. Under what business circumstances would it be necessary for her to have such an account? Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... 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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a b c It is unlikely that Lydia will have an account called accounts receivable since most of her sa...View the full answer
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Related Book For 
Financial Accounting A User Perspective
ISBN: 978-0470676608
6th Canadian Edition
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
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