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Problem 2.5A Preparing a Balance Sheet; Effects of a Change in Assets HERE COMES THE TIGERS! is the name of a traveling circus.
Problem 2.5A Preparing a Balance Sheet; Effects of a Change in Assets HERE COMES THE TIGERS! is the name of a traveling circus.The ledger accounts of the business at June 30, 2002, are listed here in alphabetical order: Accounts Payable..................$ 4,100 Notes Payable......................$120,000 Accounts Receivable...............22,000 Notes Receivable......................8,200 Animals.................................250,000 Props and Equipment..............92,000 Cages.......................................20,000 Retained Earnings...................54,700 Capital Stock.........................350,000 Salaries Payable........................8,090 Cash..................................................? Tents........................................43,000 Costumes.................................17,000 Trucks & Wagons..................110,240 Instructions a.Prepare a balance sheet by using these items and computing the amount of Cash at June 30, 2002.(After “Accounts Receivable,” you may list the remaining assets in any order.) Include a proper balance sheet heading. b.Assume that late in the evening of June 30, after your balance sheet had been prepared, a fire destroyed one of the tents, which had cost $8,000.The tent was not insured.Explainwhat charges would be required in your June 30 balance sheet to reflect the loss of thisasset.
