Question

Wk 1. Apply: Connect Exercise (due Mon) Saved The following financial data are for the dental practice of Dr. Donna Wells when she began operations in July 1. Owes $17,300 to the Allen Equipment Company 2. Has cash balance of $11,800. 3. Has dental supplies of $2,800 4. Owes $3,330 to Contemporary Furniture Supply 5. Has dental equipment of $24,850, 6. Has office furniture of $6,300. points Determine the amounts that would appear in Di Wells' balance sheet. Assets Liabilities Owner's Equity

Answer 1

Answers

• Requirement 1

=

Assets		Liabilities		Owner's equity
Cash	$11,800	Accounts Payable (17300 + 3330)	$20,630	Dr Donna Wells, Capital	$25,120
Dental Supplies	$2,800
Dental Equipments	$24,850
Office Furniture	$6,300
Total	$45,750		$20,630		$25,120

• Requirement 2

Balance Sheet
Assets		Liabilities
Cash ($46500 - 5300)	$41,200	Accounts Payable	$1,150
Prepaid Rent	$5,300
Office Supplies	$1,150	Owner's equity
Equipment	$15,500	Cullen Beatty, Capital ($46500+15500)	$62,000
Total Assets	$63,150	Total Liabilitirs & Owner's equity	$63,150