Accounting and Finance Foundations

Unit 7

Accounting and Finance Foundations Unit 7: Financial Statements 613

Financial Statements

Lesson 18.7 Review of the Accounting Cycle:

Putting it all Together (cont’d)

Chapter 18

Student Guide

Mrs. King’s Interiors

Balance Sheet

December 31, 20YY

Debit Credit

Assets

Cash $30,550

Accounts Receivable $2,500

Supplies $10,650

Less: Accumulated Depreciation $360

$43,700 $360

Total Assets $43,340

Liabilities

Accounts Payable, Furniture World $6,500

$6,500

Total Liabilities $6,500

Stockholder’s Equity

Mrs. King’s Capital $37,440

Owner’s Draw $600

Retained Earnings

$600 $37,440

Total Stockholder’s Equity $36,840

Assets – Liabilities = Stockholder’s Equity

or

Assets = Liabilities + Stockholder’s Equity

Assets $43,340 = Liabilities $6,500 + Equities $36,840

$43,340 = $43,340