A friend who owns a small entity trading as Jobs Galore knows that you are studying accounting, and has asked if you would prepare the entity 's classified balance sheet as at 30 June The friend has provided you with the following list of assets and liabilities (the equity figure has not been provi...

Assets Current Cash Accounts receivable Prepaid rent Total current assets Noncurrent ...

A friend who owns a small entity trading as Jobs Galore knows that you are studying accounting,

Question:

A friend who owns a small entity trading as Jobs Galore knows that you are studying accounting, and has asked if you would prepare the entity's classified as at 30 June. The friend has provided you with the following list of assets and liabilities (the equity figure has not been provided) to perform this task:
Cash ..........................................$ 4,000
Motor vehicles .............................. 24,000
Equipment ................................... 16,000
Des ........................................... 3,500
Monies owed to suppliers ................. 6,000
Loan .......................................... 18,000
Wages owed to employees ............... 1,200
Prepaid Rent ................................ 700 Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...