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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

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

Provided below is a trial balance for Bill’s Delivery Service. Use this trial balance for Exercises 3-10B, 3-1 IB, and 3-12B.

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BALANCE SHEET From the information in the trial balance presented for Bill’s Delivery Service on page 80, prepare a balance sheet for Bill’s Delivery Service as of September 30, 20--.

To determine

Prepare a balance sheet for B Delivery Service at September 30, 20--.

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 for B Delivery Service at September 30, 20--:

...
B Delivery Service
Balance Sheet
At September 30, 20--
Assets  
 Amount ($)Amount ($)
Current assets  
  Cash7,000 
 Accounts receivable4,000 

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