) Eliza Enterprises has the following account balances at the end of thefinancial period (all figures are in shillings) as at December 31, 2018:Service revenue 700,000Capital 150,000Equipment 200,000Operating expenses 625,000Cash 175,000Drawings 50,000Supplies 25,000Accounts payable 100,000Accounts receivable 75,000Required:Prepare Eliza’s balance sheet as at December 31, 2018.
Question
) Eliza Enterprises has the following account balances at the end of thefinancial period (all figures are in shillings) as at December 31, 2018:Service revenue 700,000Capital 150,000Equipment 200,000Operating expenses 625,000Cash 175,000Drawings 50,000Supplies 25,000Accounts payable 100,000Accounts receivable 75,000Required:Prepare Eliza’s balance sheet as at December 31, 2018.
Solution
Eliza Enterprises Balance Sheet As at December 31, 2018
Assets: Cash: 175,000 Accounts Receivable: 75,000 Supplies: 25,000 Equipment: 200,000 Total Assets: 475,000
Liabilities: Accounts Payable: 100,000 Total Liabilities: 100,000
Owner's Equity: Capital: 150,000 Drawings: (50,000) Total Owner's Equity: 100,000
Total Liabilities and Owner's Equity: 200,000
Please note that the total assets do not equal the total liabilities and owner's equity. This could be due to missing information or an error in the provided figures. In a correct balance sheet, total assets should always equal total liabilities plus owner's equity.
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