Exercise 1-13

Abby Roland is the bookkeeper for Cheng Company. Abby has been trying to determine the correct balance sheet of Cheng Company. Chengs balance sheet is shown below.

CHENG COMPANY Balance Sheet December 31, 2017
Assets				Liabilities
Cash		$15,075		Accounts payable		$21,105
Supplies		8,040		Accounts receivable		(6,533	)
Equipment		46,230		Owners capital		67,838
Owners drawings		13,065		Total liabilities and owners equity		$82,410
Total assets		$82,410

Prepare a correct balance sheet. (List Assets in order of liquidity.)

Prepare a correct balance sheet. (List Assets in order of liquidity.) CHENG COMPANY Balance Sheet Assets Liabilities and Owner's Equity