Activity 1Draw up Kelly's balance sheet as at 30 June 2008 from the following information .Office Machinery9000Accounts Payable900Stock of goods1550Accounts Receivable275Cash at bank5075Loan from C. Smith 2000Calculate capital using the formula from the accounting equation KellyBalanceSheet as at 31December 2007Non -Current AssetsOffice Machinery90009000Total m narent assetsCureat AssetsStock of Goods1550DebtorsCash at Bank27550756900Less CurrentCreditorsLoan from C. SmithLiabilities.90020002900Net arert Assets400013,00OFinaced By:Capital13,000

Accounting equation of the business has three important elements. These are assets, liabilities and…

Activity 1 Draw up Kelly's balance sheet as at 30 June 2008 from the following information. $ Office Machinery 9000 Accounts Payable 900 Stock of goods 1550 Accounts Receivable 275 Cash at bank 5075 Loan from C. Smith 2000 Calculate capital using the formula from the accounting equation

Activity 1 Draw up Kelly's balance sheet as at 30 June 2008 from the following information. $ Office Machinery 9000 Accounts Payable 900 Stock of goods 1550 Accounts Receivable 275 Cash at bank 5075 Loan from C. Smith 2000 Calculate capital using the formula from the accounting equation

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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Don't use chatgpt, I will 5 upvotes Prezas Company's balance sheet showed total current assets of $3,250, all of which were required in operations. Its current liabilities consisted of $975 of accounts payable, $600 of 6% short- term notes payable to the bank, and $250 of accrued wages and taxes. What was its net operating working capital?
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