Accounting and Finance Foundations

Unit 7

Accounting and Finance Foundations Unit 7: Financial Statements 568

Financial Statements

Chapter 18

18.3.2

Student Assignment

6. On June 30, Carl’s Car Company had the following assets and liabilities. Complete the balance sheet by
   calculating:

a. total assets

b. total liabilities

c. capital

d. total liabilities and capital

Carl’s Car Company

Balance Sheet

June 30, 20XX

Balance Sheet Word Problems & Exercise (cont’d)

Cash $2,834

Inventory 43,713

Shop Supplies 2,570

Shop Equipment 28,800

Total Assets a. _________

Liabilities $7,530

Accounts Payable 12,780

First National Bank

Total Liabilities b. _________

Carl Sherrow, Capital c. _________

Total Liabilities and Capital d. _________