Question

Prepare a December 31, 2017 balance sheet for Wildland Fire Warriors from the following: cash, $40,500; accounts payable, $28,500; merchandise inventory, $14,500; Jim Shanel, capital, $47,000; and equipment, $20,500. WILDLAND FIRE WARRIORS Balance Sheet December 31, 2017 Assets Liabilities $ $ Owner’s Equity Total assets $ Total liabilities and owner’s equity $

Answer 1

Balance sheet :

Assets
Current assets
Cash	40500
Merchandise inventory	14500
Total current assets		55000
Non current assets
Equipment	20500
Total Non current assets		20500
Total Assets		75500
Liabilties and stockholder's equity
Current liabilities
Account payable	28500
Long term liabilties
Total liabilities		28500
Owner's equity
Jim Shanel's capital	47000
Total owner's equity		47000
Total liabilities and owner's equity		75500