Andrea Scarlett is a realtor. She organized her business as a proprietorship, An
ID: 2348674 • Letter: A
Question
Andrea Scarlett is a realtor. She organized her business as a proprietorship, Andrea Scarlett, Realtor, by investing $19,000 cash. The business gave capital to her. Consider the following facts at September 30, 2012.The business owes $61,000 on a note payable for land that the business acquired for a total price of $83,000.
The business spent $23,000 for a Zinka Banker real estate franchise, which entitles the business to represent itself as a Zinka Banker office. This franchise is a business asset.
Scarlett owes $80,000 on a personal mortgage for her personal residence, which she acquired in 2012 for a total price of $160,000.
Scarlett has $5,000 in her personal bank account, and the business has $9,000 in its bank account.
Scarlett owes $4,000 on a personal charge account with Chico
Explanation / Answer
This is the Answer for Assets
Andrea Scarlett, Realtor
Balance Sheet
September 30, 2012
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Assets
Cash 9,000 $
Land 83,000 $
Franchise 23,000 $
Furniture 15,000 $
Office Supp 1,300 $
Total Assets 131,300 $
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Liabilities ?
Owner's Equity ?
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I could not find the answers for liablities and owner's equity.
Also i am still confused why we have 9,000$ in cash! .. acoording to my analysis the cash should be minus (-)
Anyhelp :)