The following are the balances of the assets, liabilities, and equity of Hair Today Salon at July
Question:
The following are the balances of the assets, liabilities, and equity of Hair Today Salon at July 31, 2013:
Cash $3,500
Retained Earnings 2,200
Accounts Payable 2,500
Accounts Receivable.... 1,200
Office Equipment $6,300
Common Shares 3,000
Note Payable 4,000
Supplies 700
Requirements
1. What type of business organization is Hair Today Salon?
2. Prepare the balance sheet of the business at July 31, 2013.
3. What does the balance sheet report?
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Req 1 The business is a corporation as shown by the fact th...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
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