HERE COME THE CLOWNS! is the name of a traveling circus. The ledger accounts of the...
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HERE COME THE CLOWNS! is the name of a traveling circus. The ledger accounts of the busi- ness at June 30, 2011, are listed here in alphabetical order: Accounts Payable.... $ 26,100 Notes Payable Notes Receivable.... Props and Equipment...... Retained Earnings Salaries Payable.. $180,000 Accounts Receivable 7,450 9,500 Animals.. 189,060 89,580 Cages... Capital Stock. 24,630 27,230 ... 310,000 9,750 Cash... ? Tents..... 63,000 Costumes . 31,500 Trucks & Wagons. 105,840 Instructions Prepare a balance sheet by using these items and computing the amount of Cash at June 30, 2011. Organize your balance sheet similar to the one illustrated in Exhibit 2-10. (After "Accounts Receivable," you may list the remaining assets in any order.) Include a proper bal- ance 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. HERE COME THE CLOWNS! is the name of a traveling circus. The ledger accounts of the busi- ness at June 30, 2011, are listed here in alphabetical order: Accounts Payable.... $ 26,100 Notes Payable Notes Receivable.... Props and Equipment...... Retained Earnings Salaries Payable.. $180,000 Accounts Receivable 7,450 9,500 Animals.. 189,060 89,580 Cages... Capital Stock. 24,630 27,230 ... 310,000 9,750 Cash... ? Tents..... 63,000 Costumes . 31,500 Trucks & Wagons. 105,840 Instructions Prepare a balance sheet by using these items and computing the amount of Cash at June 30, 2011. Organize your balance sheet similar to the one illustrated in Exhibit 2-10. (After "Accounts Receivable," you may list the remaining assets in any order.) Include a proper bal- ance 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.
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Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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