Circus World is the name of a traveling circus. The ledger accounts of the business at June 30, 2011, are listed here in alphabetical order:

Instructions
a. Prepare a balance sheet by using these items and computing the amount of Cash at June 30, 2011. (After “Accounts Receivable,” you may list the remaining assets in any order.) Include a proper balance sheet heading.
b. Assume that late in the evening of June 30, after your balance sheet had been prepared, a fire destroyed one of the tents, which had cost $10,000. The tent was not insured. Explain what changes would be required in your June 30 balance sheet to reflect the loss of this asset.

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Accounts Payable Accounts Receivable Animals Cages Capital Stock.. 25,000 5,600 310,000 15,000 :400,000 Notes Payable $115,000 1,200 108,000 89,000 1,250 40,000 125,300 . . . Props and Equimen Retained Earnings Tents.. Trucks & Wagons Costumes 16,000