Ace Companys Balance Sheet Worksheet attachment I-17.03 Below are “before” and “after” values for the asset, liability, and equity accounts contained in Ac

Ace Companys Balance Sheet Worksheet attachment I-17.03
Below are “before” and “after” values for the asset, liability, and equity accounts
contained in Ace Company’s balance sheet. Click in each box within the “change”
column to bring up a selectable pick list. Use the pick list’s drop-down menu to select the
“change” applicable to each balance sheet item brought about by the indicated
transaction. Many boxes will need to contain zeros. You will be done when the values in
the “AFTER” column are completely green.
Paid $5,000 toward settling the outstanding accounts payable balance of $25,000.
BEFORE
Assets
Cash
$
Accounts receivable
75,000
Inventories
130,000
Land
60,000
Building
145,000
25,000
Equipment
Total assets
50,000
$
485,000
$
25,000
Liabilities
Accounts payable
165,000
Loan payable
Total liabilities
$
190,000
$
100,000
Stockholders’ equity
Capital stock
195,000
Retained earnings
Total stockholders’ equity
$
295,000
CHANGE
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Total liabilities and equity
$
485,000
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and equity accounts
x within the “change”
-down menu to select the
out by the indicated
done when the values in
n.
e balance of $25,000.
AFTER
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