Prepare a April 30 Balance Sheet in Proper Form for Two

question 25

Essay

Prepare a April 30 balance sheet in proper form for Two Rivers Vending Service, Inc. from the following alphabetical list of the accounts at April 30: $\begin{array}{llcc} \text {Accounts receivable................. } &\$10,000\\ \text { Accounts payable.................. } &18,000\\\\ \text {Building................................... } &28,000\\ \text { Cash....................................... } &10,000\\ \text {Notes payable.......................... } &47,000\\ \text {Office equipment..................... } &12,000\\ \text {Stockholders' equity............... } &?\\ \text { Trucks.................................... } &55,000\\\end{array}$

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Definitions:

Identifiable Asset

An asset that can be separated and sold, transferred, or licensed, and has a clear value or benefit to the business.

Amortize

The process of slowly paying off a debt through regular payments over a set period of time.

Infinite Life

A concept in accounting and finance where an asset is considered to have an unlimited useful life and therefore is not depreciated or amortized.

Acquisition Date

The specific date on which control of an asset or business is transferred to the acquirer, marking the point from which the acquisition is included in the acquirer's financial statements.