Question
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
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
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The Audit Process Principles Practice And Cases
Authors: Stuart Manson, Iain Gray, Louise Crawford
6th Edition
1408081709, 978-1408081709
