Chapter 1, Problem 17E

To determine

Balance Sheet:

A balance sheet or statement of financial position is an important part of the financial statements which shows the entity’s position drawn at a particular date. It has two components, namely assets and liabilities & equity. On the asset side, current and non-current assets are shown. On the liabilities and equity side, both current and non-current liabilities are shown under the subcategory of liabilities and equity and retained earnings are housed under the subcategory of equity.

To Prepare:

Balance sheet of EC Company as at October 31.