Using the following data for Ousel Travel Service as well as the retained earnings statement shown in Practice Exercise 1-5A, prepare a balance sheet as of November 30, 2016:
Accounts payable $ 62,500
Accounts receivable 186,000
Cash 308,000
Land 480,000
Supplies 16,500
Answer:
OUSEL TRAVEL SERVICE
Balance Sheet
November 30, 2016
Assets Liabilities
Cash $308,000 Accounts payable $ 62,500
Accounts receivable 186,000
Supplies 16,500 Stockholders’ Equity
Land 480,000 Common stock $150,000
Retained earnings 778,000
Total stockholders’
equity 928,000
Total liabilities and
Total assets $990,500 stockholders’ equity $990,500
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