Preparing a Balance Sheet and Computing Owner's Equity.
Please help with the following problem regarding balance sheets and owner's equity.
Prepare a balance sheet from the following information:
Stock of goods - $13,000
Loan from Bank - $58,000
Freehold Land and buildings - $64,000
Cash - $1,000
Trade Creditors - $10,000
Bank Overdraft - $10,700
Delivery van - $3,200
Office Furniture - $4,600
Fixtures and fittings - $15,200
Owner's Equity = ?
... - current assets
Trade Creditors - current liabilities
Bank Overdraft - current liabilities
Delivery van - fixed assets
Office Furniture - fixed assets
Fixtures and fittings - fixed assets
Owner's Equity = owner's equity
For Balance Sheet, please refer to the attached Excel ...