Jian Sham opened his Construction Repair Shop in April 2023. The balance sheet at April 30, 2023
Question:
Jian Sham opened his Construction Repair Shop in April 2023. The balance sheet at April 30, 2023 was prepared by a friend of his and is shown below. Prepare a corrected balance sheet.
Transcribed Image Text:
Assets Equipment Cash J. Sham, Capital Accounts Payable Total Equities Sham's Construction Repair Shop Balance Sheet April 30, 2023 44,100 12,600 53,550 69,300 $179,550 Liabilities & Equity Construction Supplies Loan Payable Accounts Receivable Total Assets $ 28,350 56,700 94,500 $179,550
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
Cash Accounts receivable Construction Supplies Equipment Total Assets ...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
College Accounting A Practical Approach
ISBN: 9780135222416
14th Canadian Edition
Authors: Jeffrey Slater, Debra Good
Question Posted:
Students also viewed these Business questions
-
The flowchart in Figure was prepared by a CPA to portray the raw materials purchasing function of one of her clients, a medium- sized manufacturing company, from preparing initial documents through...
-
The following income statement was prepared by a new and inexperienced employee in the accounting department of Phoenix, Inc., a business organized as a corporation. Instructions a. Prepare a...
-
The balance sheet at December 31, 2018, for Nevada Harvester Corporation includes the liabilities listed below: a. 11% bonds with a face amount of $40 million were issued for $40 million on October...
-
Use a CAS to perform the following steps for the given graph of the function over the closed interval. a. Plot the curve together with the polygonal path approximations for n = 2, 4, 8 partition...
-
What does it mean when we say that macroeconomics is the forest, whereas microeconomics is the trees? Which topics are important in macroeconomics? Which topics are important in microeconomics?
-
Describe the major categories of BPM applications.
-
E10.1. Classification of Cash Flows (Easy) State whether the following transactions affect cash flow from operations, free cash flow, financing flows, or none of them. a. Payment of a receivable by a...
-
A group of fraud examiners is coordinating an investigation at a local law firm. Several lawyers at the firm are suspected of overbilling clients, possibly creating fake client accounts, and then...
-
Troy Engines, Limited, manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the carburetors. An...
-
The uniform steel I-beam has a mass of 300 kg and is supported in the vertical plane as shown. Calculate the force R supported by the pin at O for the condition immediately after the support at B is...
-
The accounting records of Nikolas Delivery Service show the following assets and liabilities as of the end of 2021 and 2022: The owner bought land for his equipment for $650,000. The business paid...
-
Lawrence Services Co. has the following accounts. For each account, state whether it is an asset, liability, owners equity, revenue, or expense, and whether the normal balance is a debit or a credit....
-
A food division had beginning inventory of $4,800, purchases of $12,200, and ending inventory of $3,200. Determine the cost of goods available and cost of salesfood.
-
Following the example shown in (a) below, indicate the effects of the listed transactions on the assets, liabilities, and stockholders equity of John Dallmus, certified public accountant, a...
-
What effect does the ordering of a search tree have on the efficiency of the search? What effect does it have on the quality of the results? How would order affect the way that depth-first search or...
-
For each of the accounts listed below, indicate whether the account is increased by a debit or a credit: Accounts Receivable Sales Revenue Equipment Common Stock Notes Payable Retained Earnings...
-
Smart Sports is also planning to launch a range of drinks products. The products have been developed by Hydration Labs Ltd and are designed to be sold as powders that dissolve easily in water. They...
-
Baucom Company accepted credit cards in payment for \(\$ 6,850\) of services performed during March 2011. The credit card company charged Baucom a 4 percent service fee. The credit card company paid...
-
Find the Norton equivalent at terminals a-b of the circuit in Fig. 4.119 . Vo- +. 10 20 2 V.
-
Express these numbers in standard notation. a. 2.87 10-8 b. 1.78 1011 c. 1.381 10-23
-
The adjusted trial balance at June 30, 2020, for Alexs Electrical Co. follows. Prepare the four closing entries and the post-closing trial balance. Acct # Account Name Dr. Cr. 101 Cash $ 7,550 105...
-
The adjusted trial balance at April 30, 2019, for Tylers Plumbing Co. follows. Prepare the four closing entries and the post-closing trial balance. Acct # Account Name Dr. Cr. $ 8,200 24,000 41,000...
-
Complete this table by placing an X in the correct column for each item. Will Be Closed Example: Accounts Receivable 1. Store Supplies on Hand Temporary Permanent 2. Accrued Salaries 3. Jon Rich,...
-
you are analyzing the cost of debt for a firm. Do you know that the firms 14 year maturity, 7.8 Percent coupon bonds are selling at a price of $834. The Barnes pay interest semi annually. If these...
-
***Please answer the following using excel and showcasing the formulas/calculations used*** thank you so much Financial information on AAA Ltd. is shown below. AAA Ltd. Income Statement For the Year...
-
2. In an account Anh Paglinawan currently has $216,670.00. At a rate of 8.00% how long will it take for them to have $298,390.00 assuming semi-annually compounding? (Hint: compute the exact years, do...
Study smarter with the SolutionInn App