Question
Nancy Jackson is the bookkeeper for Blossom Company. Nancy has been trying to determine the correct balance sheet for Blossom Company. Blossoms balance sheet is
Nancy Jackson is the bookkeeper for Blossom Company. Nancy has been trying to determine the correct balance sheet for Blossom Company. Blossoms balance sheet is shown below.
| BLOSSOM COMPANY Balance Sheet December 31, 2020 | |||||||
| Assets | Liabilities | ||||||
| Cash | $19,632 | Accounts payable | $27,485 | ||||
| Supplies | 10,470 | Accounts receivable | (8,507 | ) | |||
| Equipment | 60,205 | Owners capital | 88,343 | ||||
| Owners drawings | 17,014 | Total liabilities and owners equity | $107,321 | ||||
| Total assets | $107,321 | ||||||
Prepare a correct balance sheet. (List Assets in order of liquidity.)
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College Mathematics for Business Economics Life Sciences and Social Sciences
Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen
12th edition
321614003, 978-0321614001
