n business bank account al bank account $ 1 800 2 500 t Receivable 1 500 at Payable 500 al Car Loan 5 000 and Lot 245 000 studio building (cost) 130 000 Studio Building 9 Current Market Price) 235 000 80 000
n business bank account al bank account $ 1 800 2 500 t Receivable 1 500 at Payable 500 al Car Loan 5 000 and Lot 245 000 studio building (cost) 130 000 Studio Building 9 Current Market Price) 235 000 80 000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Anne Brown presented the following list to her accountant to have a balance
sheet prepared for Brown's Dance Studio. Ann included all items she felt were important
Cash in business bank account
$ 1 800
Personal bank account
2 500
Account Receivable
Account Payable
1 500
500
Personal Car Loan
5 000
House and Lot
245 000
Dance studio building (cost)
130 000
Dance Studio Building 9 Current Market Price)
235 000
Land
80 000
Personal Car Loan
25 000
Mortgage on dance studipo
138 000
Morthgage on house
132 000
Studio Equipment
3 100
Bank Loan on studio equipment
6 100
6 600
Personal Property
a. Prepare a balance sheet for Brown's Dance Studio On December 31, 20..
b. Explain why you did not include all the items in the balance sheet you just prepared. Refer to the GAAP that your decision
Refer to the GAAP that influence your decision](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F586c2d77-accd-42e7-a1dc-0f554e4dce5f%2Fb20c90a6-54d6-4fe6-9155-64bfb16678d0%2F6npwl2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Anne Brown presented the following list to her accountant to have a balance
sheet prepared for Brown's Dance Studio. Ann included all items she felt were important
Cash in business bank account
$ 1 800
Personal bank account
2 500
Account Receivable
Account Payable
1 500
500
Personal Car Loan
5 000
House and Lot
245 000
Dance studio building (cost)
130 000
Dance Studio Building 9 Current Market Price)
235 000
Land
80 000
Personal Car Loan
25 000
Mortgage on dance studipo
138 000
Morthgage on house
132 000
Studio Equipment
3 100
Bank Loan on studio equipment
6 100
6 600
Personal Property
a. Prepare a balance sheet for Brown's Dance Studio On December 31, 20..
b. Explain why you did not include all the items in the balance sheet you just prepared. Refer to the GAAP that your decision
Refer to the GAAP that influence your decision
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