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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

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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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
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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