Create an Account

Already have account?

Forgot Your Password ?

Home / Questions / Robert Joote is the owner of Peak Company Robert has prepared the following balance sheetn...

Robert Joote is the owner of Peak Company Robert has prepared the following balance sheetnPEAK COMPANY Balance Sheet

Robert Joote is the owner of Peak Company. Robert has prepared the following balance sheet: ___________________________PEAK COMPANY ______________________________Balance Sheet _______________________Month Ended December 31, 2014 __________________________________Assets Equipment.......................................................................$20,500 Cash...............................................................................10,500 Supplies............................................................................2,000 Accounts payable...............................................................(5,000) Total assets.....................................................................$28,000 ___________________________Liabilities and Owner s Equity R. Jota, capital...............................................................$23,500 Accounts receivable............................................................(3,000) R. Joote, drawings.............................................................(2,000) Prepaid insurance..............................................................(2,500) Notes payable..................................................................12,000 Total liabilities and owner s equity.......................................$28,000 Robert didn t know how to determine the balance for his capital account so he just "plugged" the number (he made up a number that would give him the result that he wanted). He h

Apr 15 2020 View more View Less

Answer (Solved)

question Subscribe To Get Solution

Related Questions