Oil Field Equipment Repair Service is owned by Jack Phillips.
Use the above figures to prepare a balance sheet dated February 28, 20X1.
Homework Answers
BALANCE SHEET:
OIL FIELD EQUIPMENT REPAIR SERVICE
Balance sheet
February 28, 20×1
| Assets | $ | Libilities | $ |
| Cash | $33700 | Accounts payable | $23400 |
| Supplies | $5780 | ||
| Accounts recievable | $12600 | Owners Equity | |
| Equipment | $77400 | Equity* | $106080 |
| Total assets | $129480 | Total liabilities & owners equity | $129480 |
Analyze:
Net worth or Owners equity
= Total Assets - Total liabilities
= $129480 - $23400
= $106080
______×_______
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