CHAPTER 2 Basic Financial Statements Accounts Payable . . ... $ 26,100 Notes Payable . $180,000 Accounts Receivable . . . 7,450 Noles Receivable 9,500 Animals . .... 189,060 Props and Equipment . ... ..... 89,580 Cages . 24,630 Red Costello, Capital . . . . .. . .... 337,230 Cash . . .. ? Salaries Payable . . ... . . . . . 9,750 Costumes 131,500 Tents . . . ... 63,000 Trucks & Wagons . . 105,840 Instructions a. Prepare a balance sheet by using these items and computing the amount of Cash at June 30, 2001. Organize your balance sheet similar to the one illustrated on page 42. (After "Accounts Receivable," you may list the remaining assets in any order.) Include a proper balance sheet heading. b. Assume that late in the evening of June 30), after your balance sheet had been prepared, a fire destroyed one of the tents, which had cost $14,300. The tent was not insured. Explain what changes would be required in your June 30 balance sheet to reflect the loss of this asset. September