On October 1, Natalie King organized Real Solutions, a new consulting firm. On O

Question

On October 1, Natalie King organized Real Solutions, a new consulting firm. On October 31, the company's records show the following items and amounts.




















Cash

$

2,000



Cash withdrawals by owner

$

3,360



Accounts receivable



12,000



Consulting fees earned



14,000



Office supplies



4,250



Rent expense



2,520



Land



36,000



Salaries expense



5,600



Office equipment



28,000



Telephone expense



660



Accounts payable



7,500



Miscellaneous expenses



680



Owner investments



73,570












--------------------------------------------------------------------------------






Using the above information prepare an October 31 balance sheet for Real Solutions. (Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.)




REAL SOLUTIONS
Balance Sheet
October 31



Assets





(Click to select)CashAccounts receivableOffice suppliesAccounts payableOffice equipment

$



(Click to select)CashAccounts receivableAccounts payableOffice equipmentOffice supplies





(Click to select)CashLandOffice equipmentOffice suppliesAccounts receivable





(Click to select)CashOffice suppliesLandOffice equipmentAccounts receivable





(Click to select)Office suppliesLandOffice equipmentCashAccounts receivable








--------------------------------------------------------------------------------




Total Assets

$






--------------------------------------------------------------------------------

--------------------------------------------------------------------------------




Liabilities





(Click to select)Accounts payableAccounts receivableLandCashOffice supplies

$



Equity





(Click to select)Accounts receivableN. King, CapitalCashOffice equipmentOffice supplies








--------------------------------------------------------------------------------




Total Liabilities and Equity

$

Explanation / Answer

Assets: Cash 2,000 Accounts Receivable 12,000 Office Supplies 4250 Office equipment 28,000 Land 36000 Total assets 82,250 Liabilities Accounts Payable 7500 Equity Owner’s equity 74,750 Total liabilities and owners equity 82,250

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.