Anne Brown presented the following list to her accountant to have a balancesheet prepared for Brown's Dance Studio. Ann included all items she felt were importantCash in business bank account$ 1 800Personal bank account2 500Account ReceivableAccount Payable1 500500Personal Car Loan5 000House and Lot245 000Dance studio building (cost)130 000Dance Studio Building 9 Current Market Price)235 000Land80 000Personal Car Loan25 000Mortgage on dance studipo138 000Morthgage on house132 000Studio Equipment3 100Bank Loan on studio equipment6 1006 600Personal Propertya. Prepare a balance sheet for Brown's Dance Studio On December 31, 20..b. Explain why you did not include all the items in the balance sheet you just prepared. Refer to the GAAP that your decisionRefer to the GAAP that influence your decision

n business bank account al bank account $ 1 800 2 500 t Receivable 1 500 at Payable 500 al Car Loan 5 000 and Lot 245 000 studio building (cost) 130 000 Studio Building 9 Current Market Price) 235 000 80 000

n business bank account al bank account $ 1 800 2 500 t Receivable 1 500 at Payable 500 al Car Loan 5 000 and Lot 245 000 studio building (cost) 130 000 Studio Building 9 Current Market Price) 235 000 80 000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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