As the accountant for Ron’s Donut Shop, prepare a December 31, 2015, balance she

Question

As the accountant for Ron’s Donut Shop, prepare a December 31, 2015, balance sheet from the following: cash, $40,000; accounts payable, $28,000; merchandise inventory, $14,000; Vic Sullivan, capital, $46,000; and equipment, $20,000.

As the accountant for Ron’s Donut Shop, prepare a December 31, 2015, balance sheet from the following: cash, $40,000; accounts payable, $28,000; merchandise inventory, $14,000; Vic Sullivan, capital, $46,000; and equipment, $20,000.

RON’S DONUT SHOP
Balance Sheet
December 31, 2015
Assets Liabilities      $    $       Owner’s Equity         Total assets $   Total liabilities and owner’s equity $

Explanation / Answer

RON’S DONUT SHOP
Balance Sheet
December 31, 2015

LIABILITIES AMOUNT IN $ ASSETS AMOUNT IN $ VIC SULLIVAN CAPITAL 46,000 CASH 40,000 ACCOUNTS PAYABLE 28,000 MERCHANDISE INVENTORY 14,000 EQUIPMENT 20,000 TOTAL 74,000 TOTAL 74,000

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