Using the following data for Sunset Travel Service as well as the statement of owner’s equity shown

Using the following data for Sunset Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5A, prepare a balance sheet as of April 30, 2014.


Accounts payable $ 61,000
Accounts receivable 124,000
Cash 274,000
Land 450,000
Supplies 13,000




Answer:

SUNSET TRAVEL SERVICE
Balance Sheet
April 30, 2014
Assets Liabilities
Cash $274,000 Accounts payable $ 61,000
Accounts receivable 124,000
Supplies 13,000 Owner’s Equity
Land 450,000 Craig Daws, capital 800,000
Total liabilities and
Total assets $861,000 owner’s equity $861,000