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    Balance Sheet Assignment

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    kkapoor2059

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    © All Rights Reserved
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    Balance Sheet Assignment

    Uploaded by

    kkapoor2059
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    31 views1 page

    Balance Sheet Assignment

    Uploaded by

    kkapoor2059

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    BBI20 - Accounting

    Balance Sheet Assignment

    1. Prepare in proper form, the balance sheet for Dark Knight Inc as at December 1, 2014; owned by B. Wayne. Use the excel
    balance sheet template from the HUB.
    Accounts Receivable $ 3 100 Shop Equipment 3 100
    Accounts Payable 18 000 Bank Loan 25 000
    Office Supplies 900 Mortgage Payable 52 000
    Cash 4 300 Building 135 000
    Office Equipment 11 600 Land 46 000

    2. Bobby Bowling Lanes is owned by Robert Goulet. The firm has the following assets and liabilities as at June 30,
    2009. Prepare a balance sheet for the firm, using your balance sheet template. Cash $53,900, Accounts
    Receivable $1 540, Marketable Securities $12 000, Office Supplies $320, Land $110 000, Building $76 000,
    Office Equipment $3 900, Bowling Equipment $31 200, Investments $25 000, Accounts Payable $12 900, Short-
    Term Loans $15 300, Mortgage Payable $123 900.

    3. The following balance sheet was prepared by Collin Smith, for the business which he owned,
    Smith’s Dance studios. State ten errors that Collin has made in the preparation of the balance sheet, indicate why
    each one is an error.

    Balance Sheet of
    Collin Smith
    December 9, 2014

    Accounts Payable $2 000 Mortgage Payable $110 000


    Building $90 000 Accounts Receivable $5 000
    Land $20 000 Bank Loan $2 000
    Stereo Equipment $8 000
    Personal Automobile $12 500 Smith, Equity $24 500
    Cash $9 000 Total Equities $141 500
    Total Assets $141 500
    1) The
    first heading should be the name of the business.
    2) The second heading should be what type of statement is being used.
    3) Total equity should say total liabilities + Owner’s equity.
    4) Smith, Equity should be changed to C. Smith, Capitol.
    5) Equity should be underlined.
    6) Accounts receivable should be in Assets.
    7) Cash should be first in Assets.
    8) Land should come before building.
    9) Bank loan should come before Mortgage.
    10) Total liabilities Is missing.

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