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Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
Edition 17ISBN: 978-0078025778Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
Edition 17ISBN: 978-0078025778 Exercise 34
Preparing a Balance Sheet; Effects of a Change in Assets
Circus World 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. Include a proper balance sheet heading.
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 $10,000. The tent was not insured. Explain what changes would be required in your June 30 balance sheet to reflect the loss of this asset.
Circus World 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. Include a proper balance sheet heading.
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 $10,000. The tent was not insured. Explain what changes would be required in your June 30 balance sheet to reflect the loss of this asset.
Explanation
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(a) Prepare the balance sheet at June 30...
Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
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