Reference no: EM132213941
Question: Suppose 3 friends decided to invest in a company called reliable runner that would sell cars. Jane put in 20,000, Alan put in 15,000, and Colin put in 15,000. The money was paid into an account.
- The company then obtained a bank loan for 30,000 the money was put in an account
- The company buys a small office (PPE) with a car lot for 55,000
- The company requires some inventory for trading, and it buys 18,000 of seccond hand cars for cash
- the company sold a car for 5000 cash
- The car that sold was bought for 4000
- The company has paid a car repair bill for 250
- Suppose that the company sells another car for 7000 on credit
- the cost of that car sold was 5500
- The company decides to expand its inventory and bought two more cars for 12000 on crediy
Task: Prepare a balance sheet for reliable runner following GAAP.
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