Using the following data for Sentinel Travel Service as well as the retained earnings statement shown in Practice Exercise 1-5B, prepare a balance sheet as of August 31, 2016:
Accounts payable $ 44,600
Accounts receivable 75,500
Cash 45,400
Land 310,000
Supplies 4,700
Answer:
SENTINEL TRAVEL SERVICE
Balance Sheet
August 31, 2016
Assets Liabilities
Cash $ 45,400 Accounts payable $ 44,600
Accounts receivable 75,500
Supplies 4,700 Stockholders’ Equity
Land 310,000 Common stock $116,000
Retained earnings 275,000
Total stockholders’
equity 391,000
Total liabilities and
Total assets $435,600 stockholders’ equity $435,600
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