Use the facts in Exercise 1-12 to prepare a July 31 balance sheet for Academic Learning Services,

Question:

Use the facts in Exercise 1-12 to prepare a July 31 balance sheet for Academic Learning Services, similar to Exhibit 1.10.

Analysis Component: Identify how much of the assets held by Academic Learning Services are financed by debt.

Exercise 1-12

On July 1, 2020, Academic Learning Services entered its second month of operations. On July 31, 2020, Breanne Allarie, the owner, finalized the company?s records that showed the following items. Use this information to prepare a July income statement similar to Exhibit 1.8.

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Exhibit 1.10

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Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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