In alphabetical order below are balance sheet items for Smyth Company at December 31, 2020. Kathy Smyth

Question:

In alphabetical order below are balance sheet items for Smyth Company at December 31, 2020. Kathy Smyth is the owner of Smyth Company. Prepare a balance sheet, following the format of Illustration 1.9.
Accounts payable ............$90,000
Accounts receivable ..........62,500
Cash ....................................49,000
Owner’s capital ..................21,500

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...

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