Question: Problem 2.6A B, not a.

a proper balance sheet heading. Assume that late in the evening of June 30, after your balance sheet had been prepared, a fire destroyed one of the tents, which had cost $17,160. The tent was not insured. Explain what changes would be required in your June 30 balance sheet to reflect the loss of this asset. b. The following list of balance sheet items are in random order for Alexander Farms, Inc., at September 30, current year. PROBLEM 2.6A Preparing a Balance Sheet-A Second Problem Land Barns and Sheds Notes Payable Accounts Receivable $490,000 Fences and Gates 33,570 20.125 16.710 120,780 42,970 330,000 Cash 22,365 Livestock 76,650Farm Machinery 77,095Retained Earnings 9.135 Wages Payable 290,000 5,820 Property Taxes Payable.. Capital Stock Instructions a. Prepare a balance sheet by using these items and computing the amount for Retained Earn- ings. Use a sequence of assets similar to that illustrated in Exhibit 2-10. (After "Barns and Sheds," you may list the remaining assets in any order.) Include a proper heading for your bal ance sheet. Assume that on September 30, immediately after this balance sheet was prepared, a tornado completely destroyed one of the barns. This barn had a cost of $14,000 and was not insured against this type of disaster. Explain what changes would be required in your September 30 balance sheet to reflect the loss of this barn. b. LO2-3, LO2-4,LO2-6 PROBLEM 2.7A The balance sheet items for Franklin Bakery (arranged in alphabetical order) were as follows at August 1, current year. (You are to compute the missing figure for Retained Earnings.) Preparing a Balance Sheet and Statement of Cash Flows: Effects of Business Transactions $16,200 Equipment and Fixtures Accounts Payable . . Accounts Receivable $44,500 11,260 Land 84,000 Notes Payable 80,000 Salaries Payable