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  • Balance Sheets Formative Assessment

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    BJ
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    Jacob owns a painting business and provided a balance sheet as of March 31, 2018 listing his business's assets (land/building valued at $25,000, office equipment at $10,000, fixtures/fittings at $6,000, stock at $6,000) and current assets (accounts receivable of $14,000 and cash of $2,000) as well as its liabilities (accounts payable of $19,000, bank overdraft of $3,000, and mortgage of $10,000) to calculate his owner's equity.

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    Jacob owns a painting business and provided a balance sheet as of March 31, 2018 listing his business's assets (land/building valued at $25,000, office equipment at $10,000, fixtures/fittings at $6,000, stock at $6,000) and current assets (accounts receivable of $14,000 and cash of $2,000) as well as its liabilities (accounts payable of $19,000, bank overdraft of $3,000, and mortgage of $10,000) to calculate his owner's equity.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    9 views1 page

    Balance Sheets Formative Assessment

    Uploaded by

    BJ
    Jacob owns a painting business and provided a balance sheet as of March 31, 2018 listing his business's assets (land/building valued at $25,000, office equipment at $10,000, fixtures/fittings at $6,000, stock at $6,000) and current assets (accounts receivable of $14,000 and cash of $2,000) as well as its liabilities (accounts payable of $19,000, bank overdraft of $3,000, and mortgage of $10,000) to calculate his owner's equity.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Balance Sheets – Assessment

    Name:____________________________________________

    Jacob owns his own business – Jacob’s Painting, the following list of assets and liabilities has been
    provided as at 31st March 2018.

    $
    Land and Building 25,000
    Office Equipment 10,000
    Fixtures and Fittings 6,000
    Stock 6,000
    Accounts Receivable 14,000
    Cash 2,000
    Accounts Payable 19,000
    Bank Overdraft 3,000
    Mortgage 10,000
    Owners Equity ?

    Current Assets $ Current Liabilities $

    Non-Current Assets Non-Current Liabilities

    Owner’s Equity

    Total Assets Total Equities

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