Transcribed Image Text:Enrichment Activity 1: HERE WE GO A-COUNTING!
The following items are taken from the records of XYZ Company. Classify whether
thcy are belong to the Assets, Liabilitics, Owner's Equity of the business. Usc
for
separate
sheet
your
answers.
Items:
Amount:
Items:
Amount:
1. Merchandise Inventory P 50,000
13. Owner's Equity
2. Accounts Receivable
30,000
14. Furniture and Fixtures
6,000
3. Worthless Receivable
500
15. Accum. Dep'n – Store Bldg. 5,000
4. Prepaid Rent
8,000
16. Sales (80% cash)
200,000
5. Obsolete Merchandise
1,000
17. Accum. Dep'n - F and F
600
6. Rent Expense
4,000
18. Depreciation Expense
3,300
7. Notes Receivable
10,000
19. Cash
25,000
8. Accrucd Interest Reccivable 200
20. Accounts Payable
20,100
9. Unused Supplics
1,200
21. Notes Payable
60,000
10. Used Supplies
800
22. Interest Income
200
11. Land
100,000
23. Mortgage Payable
1,200
12. Store Building
50,000
24. Owner's drawings
5,000
Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
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