Prepare an updated balance sheet for July 31, based on receipts and expenditure
   

Notes:

Wages Payable:1 employee; 6 months remaining, at $1,250 /month

Lease Payable: 6 months remaining on current lease, at $1,000/month

Transcribed Image Text:

Current Assets Cash Total Current Assets Long-term Assets Liabilities Office Equipment Library - Books & Electronic resources Furniture Total Long-term Assets Total Assets Current Liabilities Wages Payable Total Current Liabilities Statement of Financial Position as of June 30, 202X Long-term Liabilities Total Liabilities Total Net Assets Assets Liabilities and Net Assets Lease Payable Total Liabilities and Net Assets 15 27,000.00 $ 27,000.00 4,000.00 2,400.00 7,000.00 $ 13,400.00 $ 40,400.00 7,500.00 7,500.00 6,000.00 $ 16,500.00 $ 23,900.00 $ 40,400.00 Current Assets Cash Total Current Assets Long-term Assets Liabilities Office Equipment Library - Books & Electronic resources Furniture Total Long-term Assets Total Assets Current Liabilities Wages Payable Total Current Liabilities Statement of Financial Position as of June 30, 202X Long-term Liabilities Total Liabilities Total Net Assets Assets Liabilities and Net Assets Lease Payable Total Liabilities and Net Assets 15 27,000.00 $ 27,000.00 4,000.00 2,400.00 7,000.00 $ 13,400.00 $ 40,400.00 7,500.00 7,500.00 6,000.00 $ 16,500.00 $ 23,900.00 $ 40,400.00

Answer rating: 100% (QA)

Statement of Financial Position as of July 31 202X Assets Current Assets Cash 2700000 unchanged Net ... View the full answer