Reference no: EM132588947

Question 1: Make a simple balance sheet by sorting out the following information. Use the accounting equation to calculate owner's equity. The business is called DVD palace. The owners name is Margaret Foster. Each correct line on the balance sheet is worth 1/2 of a mark. There should be 23 lines of information, including the name of the business at the top of the balance sheet.

Information:

i) bank loan                     $25000

ii)accounts receivable          100

iii) accounts payable             45000

iv)cash                               12000

v) equipment                        7800

vi) supplies inventory               400

vii)DVD inventory                     87000