Prepare a December 31, 2017 balance sheet for Wildland Fire Warriors from the fo
ID: 2781543 • Letter: P
Question
Prepare a December 31, 2017 balance sheet for Wildland Fire Warriors from the following: cash, $42,200; accounts payable, $30,200; merchandise inventory, $16,200; Jim Shanel, capital, $50,400; and equipment, $22,200.
WILDLAND FIRE WARRIORSBalance Sheet
December 31, 2017 Assets Liabilities (Click to select)Merchandise inventoryEquipmentAccounts payableCashJim Shanel, capital $ (Click to select)CashAccounts payableJim Shanel, capitalEquipmentMerchandise inventory $ (Click to select)EquipmentCashJim Shanel, capitalAccounts payableMerchandise inventory Owner’s Equity (Click to select)CashEquipmentMerchandise inventoryAccounts payableJim Shanel, capital (Click to select)Jim Shanel, capitalMerchandise inventoryEquipmentAccounts payableCash Total assets $ Total liabilities and owner’s equity $
Explanation / Answer
The assets side would contain the following:
Cash - 42,200
Merchandise Inventory - 16,200
Equipment - 22,200
Thus the total of Assets Side is 80,600
Not the liabilities Side would contain the following:
Liability: Accounts Payable - 30,200
Owners Equity : Capital - 50,400
Thus total of Liabilities and owners Equity side is also 80,600