On November 1, 2020, Jean Higgins started a wedding planning
company, Extraordinary Studios. On November 30, 2020, the company’s
records showed the following items.
| Cash | $ | 22,500 |
| Accounts receivable | 18,300 | |
| Office supplies | 6,300 | |
| Automobiles | 49,000 | |
| Office equipment | 26,290 | |
| Accounts payable | 8,800 | |
| Owner’s investments | 97,000 | |
| Owner’s withdrawals | 5,310 | |
| Wedding consulting revenue | 35,000 | |
| Rent expense | 3,200 | |
| Salaries expense | 7,300 | |
| Telephone expense | 1,810 | |
| Utilities expenses | 790 | |
Use the above information prepare a November 30 balance sheet for
Extraordinary Studios. (Do not round intermediate
calculations.)
Analysis Component:
Identify how much of the assets held by Extraordinary Studios are
financed by the owner, Jean Higgins.
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On November 1, 2020, Jean Higgins started a wedding planning company, Extraordinary Studios. On November 30,...