Accounting and Finance Foundations

Unit 7

Accounting and Finance Foundations Unit 7: Financial Statements 579

Financial Statements

Chapter 18

Student Assignment

Calculate Owner’s Equity at 12/31/XX

Beginning Owner’s Capital _______________

+ Net Income/(- Net Loss) _______________

• Owner’s Drawing
  = Owner’s Capital, 12/31/XX

Electron Games

Balance Sheet

December 31, 20XX

ASSETS

Cash

Petty Cash

Accounts Receivable

Merchandise Inventory

Supplies – Office

Supplies – Store

Prepaid Insurance

TOTAL ASSETS

LIABILITIES

Accounts Payable

Sales Tax Payable

TOTAL LIABILITIES

OWNER’S EQUITY

John Forbes, Capital

TOTAL LIABILITIES + OWNER’S EQUITY

Comprehensive Financial Statement Problems 18.3.4 (cont’d)