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The accounting data (listed alphabetically) for Crystal Auto Wash at August 31, 2010, are shown below.
The figure for Cash is not given, but it can be determined when all the available information is assembled
in the form of a balance sheet. Prepare a balance sheet at August 31, 2010.
Crystal Auto Wash
Balance Sheet
August 31, 2010
N.B. The order of the asset accounts is typically given by the ease by which an account may be converted
to cash. Specifically, the usual order is: Cash; Accounts Receivable, which may be factored; Supplies, which
may easily be sold second-hand; Land and Buildings, which are harder to sell; Machinery and Equipment,
for which the second-hand market would likely be more specialized and narrower.