Circus World is the name of a traveling circus. The ledger accounts of the business at June 30, 2007, are listed here in alphabetical order:
Accounts Payable | $ 25 000 | Notes Payable | $115,000 |
Accounts Receivable… | 5 600 | Notes Receivable | 1,200 |
Animals … | 310.000 | Props and Equipment … |
108,000 |
Cages … | 15.000 | Retained Earninqs… | 89.000 |
Capital Stock… | 400 000 | Salaries Payable … | 1,250 |
Cash… | ? | Tents … | 40,000 |
Costumes… | 16.000 | Trucks&Wagons … | 125.300 |
Instructions
a.Prepare a balance sheet by using these items and computing the amount of Cash at June 30, 2007. (After “Accounts Receivable,”you may list the remaining assets in any order.) Include a proper balance sheet heading.
b.Assume that late in the evening of June 30, after your balance sheet had been prepared, a fire destroyed one of the tents; which had cost $10,000. The tent was not insured. Explain what changes would be required in your June 30 balance sheet to reflect the loss of this asset.
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