PE 1-6A Balance sheet

Using the following data for Sunset Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5A, prepare a balance sheet as of April 30, 2014.


Accounts payable $ 61,000
Accounts receivable 124,000
Cash 274,000
Land 450,000
Supplies 13,000




Answer:

SUNSET TRAVEL SERVICE
Balance Sheet
April 30, 2014
Assets Liabilities
Cash $274,000 Accounts payable $ 61,000
Accounts receivable 124,000
Supplies 13,000 Owner’s Equity
Land 450,000 Craig Daws, capital 800,000
Total liabilities and
Total assets $861,000 owner’s equity $861,000