Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

Exercise 50

HERE COME THE CLOWNS! is the name of a traveling circus.he ledger accounts of the business at June 30, 2015, are listed here in alphabetical order:

Instructions
a.repare a balance sheet by using these items and computing the amount of Cash at June 30, 2015.rganize your balance sheet similar to the one illustrated in Exhibit 2-10.nclude a proper balance sheet heading.
b.ssume 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.he tent was not insured.xplain what changes would be required in your June 30 balance sheet to reflect the loss of this asset.