Question
As at December 31, 2022 ABC Inc. had $5,000 in Accounts payable, $6,000 in cash, $2,000 in accounts receivable, $10,000 in inventory, a line of
As at December 31, 2022 ABC Inc. had $5,000 in Accounts payable, $6,000 in cash, $2,000 in accounts receivable, $10,000 in inventory, a line of credit with $25,000 drawn on it (interest paid on the credit line in 2022 was $5,000) and the following & long term asses:
A truck that cost $20,000 with accumulated depreciation of $20,000
Machinery that was purchased in 2021 for $60,000. Depreciation expense related to the machinery was $6,000 in 2021 and $8,000 in 2022
Prepare a balance sheet for ABC Inc. using the information above:
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Auditing The Art and Science of Assurance Engagements
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Ingrid B. Splettstoesser
12th Canadian edition
133098230, 978-0132791564, 132791560, 978-0133098235
