Wasago Is in Its First Year of Operation, and the Bookkeeper

question 98

Essay

Wasago is in its first year of operation, and the bookkeeper has prepared the following summary of all of their accounts and balances as at August 31, 2012.Prepare a proper balance sheet for Wasago
Corporation. $\begin{array}{llll}\text { Accounts payable } & 26,000 & \text { Investment by } \\\text { Accounts receivable } & 36,000 & \text { shareholders } & 25,000\\\text { Bank loan, short-term } & 12,000 & \text { Loans made to company } \\\text { Cash } & 2,000 & \text { by shareholders }\\\text { Income tax expense } & 7,500 & \text { Operating expenses } & 182,500 \\\text { Income taxes payable } & 7,500 & \text { Office equipment } & 45,000 \\\text { Insurance paid in advance } & 5,000 & \text { Sales revenues } & 212,500 \\\text { Inventory } & 30,000 & &\end{array}$

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Definitions:

Quarterly

Pertaining to or occurring every three months, often used in the context of financial or business reporting periods.

Systematic Reporting

The process of following a structured approach to communicate findings from research or an investigation.

Research Questions

Questions that help focus research. A research question is a researcher's basic research interest posed as a question. Open-ended research questions ask simply whether there is a relationship between variables. Closed-ended research questions ask about the direction of the relationship.

Credible Funding

Financial support for a project or venture that is reliable and trustworthy, often scrutinized for legitimacy.