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Prepare a balance sheet from the following information:  B.Smith, capital: $84,000; Automobile = $13,000; Furniture and fixtures...

  1. Prepare a balance sheet from the following information:  B.Smith, capital: $84,000; Automobile = $13,000; Furniture and fixtures = $7,000; Accounts payable = $2000; Building = $10,000; Notes Payable = $15,000; Land = $40,000; Accounts receivable = $8000; Equipment = $20,000; Cash = $3000

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Answer #1
Ans. ASSETS Amount LIABILITIES & EQUITY Amount
Current assets: Current liabilities:
Cash 3000 Accounts payable 2000
Accounts receivables 8000 Notes payable 15000
Total current assets (a) 11000 Total current liabilities (a) 17000
Fixed assets: Equity:
Automobile 13000 B. smith Capital 84000
Furniture & fixtures 7000 Total Equity (b) 84000
Building 10000
Land 40000
Equipment 20000
Total fixed assets (b) 90000
Total assets (a+b) 101000 Total liabilities and Equity (a+b) 101000
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