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A B 12345678 22232222222222222 19 20 21 24 25 C Batter Up Balance Sheet As of December 31, 20XX D E F 9 7 Assets 8 Current Assets: Cash Liabilities and Owners' Equity Current Liabilities: $ 8,484.00 Accounts Payable Vendor A S 1,750.00 10 Accounts Reconciliation $ 3,070.50 Wages Payable $ 270.00 11 Prepaid Rent $ 2,000.00 Interest Payable S 166.67 12 13 Prepaid Insurance Merchandise Inventory 14 Total Current Assets $ 16,829.50 $ 1,600.00 $ 1,675.00 Total Current Liabilities $ 2,186.67 Long Term Liabilities: 15 16 17 18 Notes Payables $ 10,000.00 Total Long-Term Liabilities: $ 10,000.00 Total Liabilities: $ 12,186.67 23 Non-Current Assets: Owner's Equity Owner's Capital $ 3,275.00 Net Income $ 1,367.83 Total Equity $ 4,642.83 26 Total Non-Current/Fixed Assets 27 28 Total Assets: $ $ 16,829.50 Total Liabilities & Equity $ 16,829.50

A B 12345678 22232222222222222 19 20 21 24 25 C Batter Up Balance Sheet As of December 31, 20XX D E F 9 7 Assets 8 Current Assets: Cash Liabilities and Owners' Equity Current Liabilities: $ 8,484.00 Accounts Payable Vendor A S 1,750.00 10 Accounts Reconciliation $ 3,070.50 Wages Payable $ 270.00 11 Prepaid Rent $ 2,000.00 Interest Payable S 166.67 12 13 Prepaid Insurance Merchandise Inventory 14 Total Current Assets $ 16,829.50 $ 1,600.00 $ 1,675.00 Total Current Liabilities $ 2,186.67 Long Term Liabilities: 15 16 17 18 Notes Payables $ 10,000.00 Total Long-Term Liabilities: $ 10,000.00 Total Liabilities: $ 12,186.67 23 Non-Current Assets: Owner's Equity Owner's Capital $ 3,275.00 Net Income $ 1,367.83 Total Equity $ 4,642.83 26 Total Non-Current/Fixed Assets 27 28 Total Assets: $ $ 16,829.50 Total Liabilities & Equity $ 16,829.50

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Summarize what each value of the balance sheet for Assets, Liabilities and Owner Equity represents to the company. For example, what does the Cash value of $8484 represents to the company.Why are all values important for the company and for the balance sheet.

A B 12345678 22232222222222222 19 20 21 24 25 C Batter Up Balance Sheet As of December 31, 20XX D E F 9 7 Assets 8 Current Assets: Cash Liabilities and Owners' Equity Current Liabilities: $ 8,484.00 Accounts Payable Vendor A S 1,750.00 10 Accounts Reconciliation $ 3,070.50 Wages Payable $ 270.00 11 Prepaid Rent $ 2,000.00 Interest Payable S 166.67 12 13 Prepaid Insurance Merchandise Inventory 14 Total Current Assets $ 16,829.50 $ 1,600.00 $ 1,675.00 Total Current Liabilities $ 2,186.67 Long Term Liabilities: 15 16 17 18 Notes Payables $ 10,000.00 Total Long-Term Liabilities: $ 10,000.00 Total Liabilities: $ 12,186.67 23 Non-Current Assets: Owner's Equity Owner's Capital $ 3,275.00 Net Income $ 1,367.83 Total Equity $ 4,642.83 26 Total Non-Current/Fixed Assets 27 28 Total Assets: $ $ 16,829.50 Total Liabilities & Equity $ 16,829.50
Transcribed Image Text:A B 12345678 22232222222222222 19 20 21 24 25 C Batter Up Balance Sheet As of December 31, 20XX D E F 9 7 Assets 8 Current Assets: Cash Liabilities and Owners' Equity Current Liabilities: $ 8,484.00 Accounts Payable Vendor A S 1,750.00 10 Accounts Reconciliation $ 3,070.50 Wages Payable $ 270.00 11 Prepaid Rent $ 2,000.00 Interest Payable S 166.67 12 13 Prepaid Insurance Merchandise Inventory 14 Total Current Assets $ 16,829.50 $ 1,600.00 $ 1,675.00 Total Current Liabilities $ 2,186.67 Long Term Liabilities: 15 16 17 18 Notes Payables $ 10,000.00 Total Long-Term Liabilities: $ 10,000.00 Total Liabilities: $ 12,186.67 23 Non-Current Assets: Owner's Equity Owner's Capital $ 3,275.00 Net Income $ 1,367.83 Total Equity $ 4,642.83 26 Total Non-Current/Fixed Assets 27 28 Total Assets: $ $ 16,829.50 Total Liabilities & Equity $ 16,829.50
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