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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

BALANCE SHEET Based on Problem 2-9B, prepare a balance sheet for David Segal as of October 31, 20--.

To determine

Prepare a balance sheet as of October 30.

Explanation

Balance sheet: This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources. The resources of the company are assets which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and stockholders’ equity.

Prepare a balance sheet:

Company DS
Balance Sheet
As of October 30
AssetsAmount ($)LiabilitiesAmount ($)
Cash 11,300 Accounts payable200
Supplies 1,000Total liabilities200
Accounts receivable3,800

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