Question
*Suppose 3 friends decided to invest in a company called reliable runner that would sell cars. Jane put in 20,000, Alan put in 15,000, and
*Suppose 3 friends decided to invest in a company called reliable runner that would sell cars.
Jane put in 20,000, Alan put in 15,000, and Colin put in 15,000. The money was paid into an account.
*The company then obtained a bank loan for 30,000 the money was put in an account
* The company buys a small office (PPE) with a car lot for 55,000
*The company requires some inventory for trading, and it buys 18,000 of seccond hand cars for cash
* the company sold a car for 5000 cash
* The car that sold was bought for 4000
* The company has paid a car repair bill for 250
* Suppose that the company sells another car for 7000 on credit
* the cost of that car sold was 5500
* The company decides to expand its inventory and bought two more cars for 12000 on crediy
Task prepare a balance sheet for reliable runner following GAAP
*
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