The assets and liabilities of Amos Moving Services at March 31, 2010, the end of
ID: 2357683 • Letter: T
Question
The assets and liabilities of Amos Moving Services at March 31, 2010, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner was $180,000 at April 1, 2009, the beginning of the current year. Additional information: Mr. Amos made an additional investment of $25,000 during the year.Accounts Payable
$1,200
Miscellaneous Expense
$230
Accounts Receivable
$10,340
Office Expense
$1,240
Cash
$33,990
Building
$157,630
Fees Earned
$84,350
Wages Expense
$23,550
Land
$47,000
Drawing
$16,570
Prepare a balance sheet for the current year ended March 31, 2010.
Explanation / Answer
To find the amount in the owner’s equity account at the end of the year, you take the beginning balance add investment, subtract withdrawals, and revenue earned and subtract expenses: 180,000 + 25,000 – 16,570 + 84,350 – 230 – 1240 – 23,550 = 247,760.
Balance Sheet, March 31, 2010
Assets :
Liabilities:
Cash
$33,990
Accounts Payable
$1200
Accounts Receivable
10,340
Total Liabilities
$1200
Building
157,630
Equity
247,760
Land
47,000
Total Liabilities and Equity
$248,960
Total Assets
$248,960
Balance Sheet, March 31, 2010
Assets :
Liabilities:
Cash
$33,990
Accounts Payable
$1200
Accounts Receivable
10,340
Total Liabilities
$1200
Building
157,630
Equity
247,760
Land
47,000
Total Liabilities and Equity
$248,960
Total Assets
$248,960
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