How do you resolve this balance sheet?

Answers:1   |   LastUpdateAt:2012-10-24 16:42:02  

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lilian ahmed
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MedlinePlus MedlinePlus MedlinePlus MedlinePlus MedlinePlus MedlinePlus Silberman Corporation was formed on January 1, 2007 . At December 31, 2007 , Scott Brantner , president and sole shareholder, decided to prepare a balance sheet , which appeared as follows : MedlinePlus MedlinePlus MedlinePlus MedlinePlus SILBERMAN CORPORATION MedlinePlus MedlinePlus Balance Sheet MedlinePlus MedlinePlus December 31, 2007 MedlinePlus MedlinePlus MedlinePlus MedlinePlus ASSETS LIABILITIES AND STOCKHOLDERS 'EQUITY
MedlinePlus MedlinePlus MedlinePlus Cash $ 20,000 Accounts payable $ 40,000 MedlinePlus MedlinePlus Accounts receivable 55,000 15,000 Notes payable
MedlinePlus Boat Loans 33,000 18,000 Inventory MedlinePlus MedlinePlus Boat Equity 24,000 55,000 MedlinePlus MedlinePlus MedlinePlus MedlinePlus Scott , willingly admits that he is an accountant by profession . Worried that your balance can not be correct . He has provided the following information : MedlinePlus MedlinePlus MedlinePlus MedlinePlus the boat actually belongs to Brantner , not for Silberman Corp. However, he believes it could take clients on the boat occasionally , decided to include it as an asset of the company . To be consistent also appears as a liability of the corporation that took personal loan in the bank to buy the boat . MedlinePlus MedlinePlus MedlinePlus The inventory was purchased for $ 21,000 , but due to increased demand eh Scott thinks now might sell for $ 33,000. He thought it would be better to record at $ 33,000. MedlinePlus MedlinePlus MedlinePlus Included in the balance of accounts receivable is $ 12,000 that Scott borrowed his brother five years ago . Scott , I included in accounts receivable Silberman so wouldn Corp.
Answer1SevenAnswered at 2012-10-24 16:41:06
On Equity = Assets - Liabilities MedlinePlus . Inventory is recorded at the price you paid for it . The loan to his brother is not an asset of the company , nor is the boat , and the boat loan is not the responsibility of the company .
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