Month-end balance sheet amounts for the legal practice of Adam Booth, a local lawyer, for 3consecutive months
Question:
Month-end balance sheet amounts for the legal practice of Adam Booth, a local lawyer, for 3consecutive months of 2016 are shown below. The information is complete except for the balance in the Capital account.
October | November | December | |||
Cash at bank Accounts receivable Prepaid insurance Office equipment Property Accounts payable Wages payable Mortgage payable Adam Booth, Capital | $9100 16100 700 29800 226000 10100 5100 134700 ? | $3900 15000 1800 29700 224 000 3100 4100 134300 ? | $3000 8050 1600 39300 222 000 3000 4800 133900 ? |
Required
- Determine the balance in Adam Booth’s Capital account at the end of each month.
- Assuming that Booth made no additional investments and did not withdraw any money from the business during the 3 months, determine the profit for November and for December.
- Prepare a balance sheet for the business at the end of December 2016. (The heading should read: Adam Booth, Lawyer)
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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1 Based on the accounting equation Assets Liabilities Equity 31 October Capital Balance 9...View the full answer
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Related Book For 
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ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
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