Question

Prepare Balance Sheet from the given data, but be careful, every item will not be appeared in Balance Sheet.
Land 25000
Building 125000
A/c payable 30000
Cash 15000
Note payable 25800
Sales 550000
Office supplies 5000
Bank 17000
A/c receivable 15000
Amir-capital ?
Salaries payable 32500
Short-term investment 58000
Office salaries expense 12500
Prepaid advertising 36000
Commission revenue 256900

Answer 1

Answer:

• Total Assets = 291000

Land 25000

Building 125000

Cash 15000

Bank 17000

A/c receivable 15000

Short-term investment 58000

Prepaid advertising 36000

• Total liabilities = 87500

A/c payable 30000

Note payable 25800

Salaries payable 32500

• Profit from operations= 720900

Sales 550000-Office supplies 5000 -Salaries 32500-Office salaries expense 12500-advertising 36000+Commission revenue 256900

• Amir-capital =

Total Assets 291000-