TOTAL ASSETS, TOTAL LIABILITIES & OWNER EQUITY
Prepare a balance sheet on a separate sheet for ABC Ltd as at 31st October 2022. PLEASE record each item in these FIVE categories in the Balance Sheet below:
Current Assets Current Liabilities Long Term Assets Long Term Liabilities Owner’s Equity
Trial Balance as at 31st October 2022
# Description Debit Amount ($) Credit Amount ($)
1 Cash 115,000
2 Accounts receivable 32,665
3 Inventory 5,800
4 Prepaid Insurance 8,700
5 Accounts payable 116,500
6 Salaries payable 26,300
7 Unearned revenue 17,900
8 Notes receivable (after 2 years) 36,900
9 Machinery & Equipment (M&E) 15,510
10 Accumulated depreciation – M&E 5,825
11 Notes payable (within one year) 42,000
12 Owner’s Capital 100,550
13 Patent & Trademark 11,500
14 Building 129,000
15 Accumulated depreciation – Building 43,000
16 Loan Payable (after two years) 9,000
17 Interest receivable (within one year) 6,000
TOTAL 361,075 361,075
ABC LTD.
BALANCE SHEET AS AT 31ST October 2022
ASSETS AMOUNT ($) LIABILITIES AMOUNT ($)
Current Assets Current Liabilities
Long Term Assets Long Term Liabilities
Owner’s Equity
