Answer:
<u>Charlie’s Crispy Chicken (CCC) Balance sheet at September 30</u>
Assets
<u>Non- Current Assets</u>
Equipment 49,000
Land 23,400
Total Non- Current Assets 72,400
<u>Current Assets</u>
Supplies 2,300
Cash 2,300
Total Current Assets 4,600
Total Assets 77,000
Equity and Liabilities
<em>Equity</em>
Common Stock 36,000
Retained Earnings 3,900
Total Equity 39,900
<em>Liabilities</em>
<u>Non-current Liabilities</u>
Note Payable (long-term) 34,000
Total Non-current Liabilities 34,000
<u>Current Liabilities</u>
Accounts Payable 2,900
Salaries and Wages Payable 200
Total Current Liabilities 3,100
Total Equity and Liabilities 77,000
Explanation:
When preparing a Balance Sheet, it is important to remember the Accounting equation : Assets = Equity + Liabilities
