Financial Act Demonsration Problem #1

For the balance sheet remember the basic accounting

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ccounting equation: Assets = Liabilities + Owner's Equity Cainas Company, CPAs Balance Sheet As of January 31, 20XX Assets: Current Assets: $ 7,800 Cash Prepaid rent Office supplies Total Current Assets 800 150 $ 9,850 Property, Plant & Equipment: Office Equipment 1,500 Leasehold Improvements 3,000 Total Assets $ 13,250 Liabilities and Owner's Equity: Liabilities: Accounts Payable $ 750 Notes Payable $ 3,000 Total Liabilities $ 3,750 Owner's Equity: J. Cainas, Capital $ 9,500 Total Liabilities and Equity: $ 13,250 Office Supplies Accounts Payable 1/6 150 1/4 750 1/6 150 January 7: Finances $3,000 of Leasehold Improvements on the rental property through SunTrust Bank. The note is for two years, at 8% annual interest. 1. 2. 3. Transa...
View Full Document

Ask a homework question - tutors are online