Question
Mrs. Susie runs a small bakery downtown called You Ain't Seen Muffin Yet . Business is good, so she asks her wealthy uncle for a
Mrs. Susie runs a small bakery downtown called You Ain't Seen Muffin Yet. Business is good, so she asks her wealthy uncle for a loan to help expand her operations. Susie finds out that her uncle is happy to give her the money she needs, but he is a professional accountant, so he wants to see a Balance Sheet before giving Susie any cash. Help Susie out - if she doesn't get her uncle's loan, she'll be toast! Today is September 29, Susie has the following accounts:
Accounts Payable - C. Batta $200 Accounts Receivable - B. Gette $300 - Cash $500 - Baking Supplies $100 - Bank Loan $400 - Bread Machines $1,000 - W. Bredd, Capital ?????????? 1. Decide if each of the accounts above are assets, liabilities, or equity. 2. Use that information to calculate Susies capital amount. 3. Create the balance sheet, putting accounts in the correct order and labeling the sheet correctly (example below).
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