Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello

تمرين 30

Preparing a Balance Sheet; Effects of a Change in Assets
HERE COME THE CLOWNS! is the name of a traveling circus. The ledger accounts of the business at June 30, 2015, are listed here in alphabetical order:

Instructions
a. Prepare a balance sheet by using these items and computing the amount of Cash at June 30, 2015. Organize your balance sheet similar to the one illustrated in Exhibit 2-10. Include a proper balance sheet heading.
EXHIBIT 2-10 Balance Sheet, Jan. 31

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.