Accounting and Finance Foundations

Unit 7

Accounting and Finance Foundations Unit 7: Financial Statements 628

Financial StatementsOpen-Response Unit Assessment S/T Guide

Ava’s Interpreting Services

Balance Sheet

December 31, 20YY

Debit Credit

Assets

Current Assets

Cash

Accounts Receivable

Supplies

Long-term Assets

Building

Less: Accumulated Depreciation, Building

Total Assets

Liabilities

Accounts Payable

Total Liabilities

Stockholder’s Equity

Capital, Ava

Owner’s Draw, Ava

Retained Earnings

Total Stockholder’s Equity

Assets - Liabilities = Stockholder’s Equity

or Assets = Liabilities + Stockholder’s Equity

*Hint Assets = Liabilities + Equities

Assets =

Liabilities =

Stockholder’s Equity =

Tasks (cont’d)