2- For the above Shoe Store please construct a Balance Sheet on the first day of 2020, at 9am with the following info:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

How do you

2- For the above Shoe Store please construct a Balance Sheet on the first day of 2020, at 9am with the following info:
Money in the bank
Cash in cash-register
$5,500
1,200
Raw material in storage
6,300
Shoes ready to be sold
12,500
Machinery and sewing machine
22,000
Show room Furniture
12,500
Truck
8,600
Other assets
3,400
Owner money (capital)
$35,000
Loan from bank #1
12,000
Loan from bank #2
8,000
Balance on Credit Card of owner
4,000
Balance on Credit Card of shoe store
5,500
Loan from friends
7,500
Transcribed Image Text:2- For the above Shoe Store please construct a Balance Sheet on the first day of 2020, at 9am with the following info: Money in the bank Cash in cash-register $5,500 1,200 Raw material in storage 6,300 Shoes ready to be sold 12,500 Machinery and sewing machine 22,000 Show room Furniture 12,500 Truck 8,600 Other assets 3,400 Owner money (capital) $35,000 Loan from bank #1 12,000 Loan from bank #2 8,000 Balance on Credit Card of owner 4,000 Balance on Credit Card of shoe store 5,500 Loan from friends 7,500
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Secondary Mortgage Market
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education