Circus World is the name of a traveling circus. The ledger accounts of the business at June 30, current year, 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, current year. 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.

Transcribed Image Text:

Accounts Recelvable Cages Cash . . . . 5,600 1,200 108,000 89,000 1,250 40,000 125,300 Props and Equipment . . . Retalned Earnings . . Salarles Payable... . 15,000 . 16,000 Trucks & Wagons .