Preparing a balance sheet.
Valdez Equipment Repair Service is owned by Francisco Valdez.
INSTRUCTIONS
Use the following figures to prepare a balance sheet dated February 28, 2010. (You will need to compute the owner’s equity.)
Cash | $33,300 | Equipment | $77,000 |
Supplies | 5,380 | Accounts Payable | 23,000 |
Accounts Receivable | 12,200 |
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Analyze: What is the net worth, or owner’s equity, at February 28, 2010 for Valdez Equipment Repair Service?
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