CARLA VISTA BOOK SHOP Balance Sheet April 30, 2024 Assets Accounts Receivable $ Liabilities and Owner's Equity $ Current Attempt in Progress The balance sheet of Carla Vista Book Shop at April 30, 2024, is as follows: Charles Dryfuss, the owner of the book shop, admits that he is not an accountant. In fact, he couldn't get the balance sheet to balance without "plugging" the numbers (making up numbers to give the desired result). He gives you the following additional information: 1. A professional real estate appraiser estimated the value of the land at $49,220. The actual cost of the land was $35,120. 2. Accounts receivable includes amounts due from customers in China for 33,950 yuan, which is about $4,850 Canadian. Dryfuss didn't know how to convert the currency for reporting purposes so he added the 33,950 yuan to the $3,490 due from Canadian customers. He thought it more important to know how much he was owed by each customer in the currency they would likely pay him with anyway. 3. Dryfuss reasons that equipment is a liability because it will cost him money in the future to maintain these items. 4. Dryfuss reasons that the note payable must be an asset because getting the loan was good for the business. If he had not obtained the loan, he would not have been able to purchase the land and buildings. 5. Dryfuss believes that his capital account is also an asset. He has invested in the business, and investments are assets; therefore his capital account is an asset. CARLA VISTA BOOK SHOP Balance Sheet April 30, 2024 Assets Accounts Receivable $ Liabilities and Owner's Equity $ Current Attempt in Progress The balance sheet of Carla Vista Book Shop at April 30, 2024, is as follows: Charles Dryfuss, the owner of the book shop, admits that he is not an accountant. In fact, he couldn't get the balance sheet to balance without "plugging" the numbers (making up numbers to give the desired result). He gives you the following additional information: 1. A professional real estate appraiser estimated the value of the land at $49,220. The actual cost of the land was $35,120. 2. Accounts receivable includes amounts due from customers in China for 33,950 yuan, which is about $4,850 Canadian. Dryfuss didn't know how to convert the currency for reporting purposes so he added the 33,950 yuan to the $3,490 due from Canadian customers. He thought it more important to know how much he was owed by each customer in the currency they would likely pay him with anyway. 3. Dryfuss reasons that equipment is a liability because it will cost him money in the future to maintain these items. 4. Dryfuss reasons that the note payable must be an asset because getting the loan was good for the business. If he had not obtained the loan, he would not have been able to purchase the land and buildings. 5. Dryfuss believes that his capital account is also an asset. He has invested in the business, and investments are assets; therefore his capital account is an asset