the balance sheet for Wildland Fire Warriors.

Question

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Answer 1

Question

Chapter 16, Problem 1ECP

To determine

To prepare: the balance sheet for Wildland Fire Warriors.

Expert Solution & Answer

Explanation of Solution

“Write the given data in tabular form as follows.”

Particulars	Amount ($)
Merchandise inventory	14,000
Cash	40,000
Accounts payable	28,000
Equipment	20,000
Jim Shanel, capital	46,000

A balance sheet is a financial statement that lists the assets; liabilities and owner’s equity at the end of an accounting period.

An asset is an economic value resource owned by a person or corporation and can be expressed on financial statements in terms of its cash value.

A liability is a claim against the assets, or legally binding obligations of a person or organization, arising out of past or current transactions.

Preparing balance sheet report for Wildland Fire Warriors with the help of given data:

Wildland Fire WarriorsBalance SheetDecember 31, 2017
Assets		Liabilities
Cash	$40,000	Accounts payable	$28,000
Merchandise Inventory	14,000	Capital	46,000
Equipment	20,000

Total assets	$74,000	Total liabilities	$74,000

Hence, the totals of both sides of the balance sheet are the same_.

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Answer 2

Question

Chapter 16, Problem 1ECP

To determine

To prepare: the balance sheet for Wildland Fire Warriors.

Expert Solution & Answer

Explanation of Solution

“Write the given data in tabular form as follows.”

Particulars	Amount ($)
Merchandise inventory	14,000
Cash	40,000
Accounts payable	28,000
Equipment	20,000
Jim Shanel, capital	46,000

A balance sheet is a financial statement that lists the assets; liabilities and owner’s equity at the end of an accounting period.

An asset is an economic value resource owned by a person or corporation and can be expressed on financial statements in terms of its cash value.

A liability is a claim against the assets, or legally binding obligations of a person or organization, arising out of past or current transactions.

Preparing balance sheet report for Wildland Fire Warriors with the help of given data:

Wildland Fire WarriorsBalance SheetDecember 31, 2017
Assets		Liabilities
Cash	$40,000	Accounts payable	$28,000
Merchandise Inventory	14,000	Capital	46,000
Equipment	20,000

Total assets	$74,000	Total liabilities	$74,000

Hence, the totals of both sides of the balance sheet are the same_.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 16, Problem 1ECP

To determine

To prepare: the balance sheet for Wildland Fire Warriors.

Expert Solution & Answer

Explanation of Solution

“Write the given data in tabular form as follows.”

Particulars	Amount ($)
Merchandise inventory	14,000
Cash	40,000
Accounts payable	28,000
Equipment	20,000
Jim Shanel, capital	46,000

A balance sheet is a financial statement that lists the assets; liabilities and owner’s equity at the end of an accounting period.

An asset is an economic value resource owned by a person or corporation and can be expressed on financial statements in terms of its cash value.

A liability is a claim against the assets, or legally binding obligations of a person or organization, arising out of past or current transactions.

Preparing balance sheet report for Wildland Fire Warriors with the help of given data:

Wildland Fire WarriorsBalance SheetDecember 31, 2017
Assets		Liabilities
Cash	$40,000	Accounts payable	$28,000
Merchandise Inventory	14,000	Capital	46,000
Equipment	20,000

Total assets	$74,000	Total liabilities	$74,000

Hence, the totals of both sides of the balance sheet are the same_.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 16, Problem 1ECP

To determine

To prepare: the balance sheet for Wildland Fire Warriors.

Expert Solution & Answer

Explanation of Solution

“Write the given data in tabular form as follows.”

Particulars	Amount ($)
Merchandise inventory	14,000
Cash	40,000
Accounts payable	28,000
Equipment	20,000
Jim Shanel, capital	46,000

A balance sheet is a financial statement that lists the assets; liabilities and owner’s equity at the end of an accounting period.

An asset is an economic value resource owned by a person or corporation and can be expressed on financial statements in terms of its cash value.

A liability is a claim against the assets, or legally binding obligations of a person or organization, arising out of past or current transactions.

Preparing balance sheet report for Wildland Fire Warriors with the help of given data:

Wildland Fire WarriorsBalance SheetDecember 31, 2017
Assets		Liabilities
Cash	$40,000	Accounts payable	$28,000
Merchandise Inventory	14,000	Capital	46,000
Equipment	20,000

Total assets	$74,000	Total liabilities	$74,000

Hence, the totals of both sides of the balance sheet are the same_.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 16, Problem 1ECP

To determine

To prepare: the balance sheet for Wildland Fire Warriors.

Expert Solution & Answer

Explanation of Solution

“Write the given data in tabular form as follows.”

Particulars	Amount ($)
Merchandise inventory	14,000
Cash	40,000
Accounts payable	28,000
Equipment	20,000
Jim Shanel, capital	46,000

A balance sheet is a financial statement that lists the assets; liabilities and owner’s equity at the end of an accounting period.

An asset is an economic value resource owned by a person or corporation and can be expressed on financial statements in terms of its cash value.

A liability is a claim against the assets, or legally binding obligations of a person or organization, arising out of past or current transactions.

Preparing balance sheet report for Wildland Fire Warriors with the help of given data:

Wildland Fire WarriorsBalance SheetDecember 31, 2017
Assets		Liabilities
Cash	$40,000	Accounts payable	$28,000
Merchandise Inventory	14,000	Capital	46,000
Equipment	20,000

Total assets	$74,000	Total liabilities	$74,000

Hence, the totals of both sides of the balance sheet are the same_.

Answer 6

Chapter 16, Problem 1ECP

To determine

To prepare: the balance sheet for Wildland Fire Warriors.

Expert Solution & Answer

Explanation of Solution

“Write the given data in tabular form as follows.”

Particulars	Amount ($)
Merchandise inventory	14,000
Cash	40,000
Accounts payable	28,000
Equipment	20,000
Jim Shanel, capital	46,000

A balance sheet is a financial statement that lists the assets; liabilities and owner’s equity at the end of an accounting period.

An asset is an economic value resource owned by a person or corporation and can be expressed on financial statements in terms of its cash value.

A liability is a claim against the assets, or legally binding obligations of a person or organization, arising out of past or current transactions.

Preparing balance sheet report for Wildland Fire Warriors with the help of given data:

Wildland Fire WarriorsBalance SheetDecember 31, 2017
Assets		Liabilities
Cash	$40,000	Accounts payable	$28,000
Merchandise Inventory	14,000	Capital	46,000
Equipment	20,000

Total assets	$74,000	Total liabilities	$74,000

Hence, the totals of both sides of the balance sheet are the same_.

Answer 7

Chapter 16, Problem 1ECP

To determine

To prepare: the balance sheet for Wildland Fire Warriors.

Answer 8

Expert Solution & Answer

Explanation of Solution

“Write the given data in tabular form as follows.”

Particulars	Amount ($)
Merchandise inventory	14,000
Cash	40,000
Accounts payable	28,000
Equipment	20,000
Jim Shanel, capital	46,000

A balance sheet is a financial statement that lists the assets; liabilities and owner’s equity at the end of an accounting period.

An asset is an economic value resource owned by a person or corporation and can be expressed on financial statements in terms of its cash value.

A liability is a claim against the assets, or legally binding obligations of a person or organization, arising out of past or current transactions.

Preparing balance sheet report for Wildland Fire Warriors with the help of given data:

Wildland Fire WarriorsBalance SheetDecember 31, 2017
Assets		Liabilities
Cash	$40,000	Accounts payable	$28,000
Merchandise Inventory	14,000	Capital	46,000
Equipment	20,000

Total assets	$74,000	Total liabilities	$74,000