Top Runner, Inc. | |||
Balance Sheet | |||
June 30, 2018 | |||
ASSETS | $ | LIABILITIES | $ |
Cash | 11000 | Accounts Payable | 7000 |
Equipment | 36700 | Note Payable | 55500 |
Land | 82000 | Total Liabilities | 62500 |
Notes receivable | 14700 | ||
Accounts Receivable | 3000 | ||
Stock Holders' Equity | 84900 | ||
Total Assets | 147400 | Total Liabilities & Stockholders' Equity | 147400 |
Requirement 2:
Top Runner is in better financial position because stockholders' Equity has increased by (84900 - 66100) $18800, and liabilities have decreased by (62500-76100) $ 13600.
Requirement 3:
The following accounts will not be included in the Balance Sheet:
These accounts are expense accounts. They are not assets or liabilities for the accounting treatment, unless they are yet to be paid.
If these expenses have not been paid yet, they will be considered as liabilities, as Expenses Payable.
All these accounts will be recorded in Income Statement to asceratain the profit or loss for the period.
The manager of Top Runner, Inc., prepared the company's balance sheet as of June 30, 2018,...
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