Answer:
<u>classified balance sheet at July 31.</u>
Assets
Non-Current Assets
Building $201,500
Equipment $247,000
Total Non-Current Assets $448,500
Current Assets
Supplies $10,600
Cash ($450,000 + $38,500 - $53,500 - $247,000) $188,000
Total Current Assets $198,600
Total Assets $647,100
Equity and Liabilities
<u>Equity</u>
Common Stock $450,000
Total Equity $450,000
<u>Liabilities</u>
<u>Current Liabilities</u>
Account Payable $10,600
Total Non Current Liabilities $10,600
<u>Non-Current Liabilities</u>
Note Payable ($38,500 + $148,000) $186,500
Total Non Current Liabilities $186,500
Total Liabilities $197,100
Total Equity and Liabilities $647,100
Explanation:
A Balance Sheet is a Financial Statement report that shows the Assets, Liability and Equity balances as at the end of the Reporting period.
