Given Below Are the Accounts and Amounts for Bright Futures

question 165

Essay

Given below are the accounts and amounts for Bright Futures Company as of August 31, 2011. All of the revenue and expense amounts are for the month of August.
$\begin{array}{ll}\text { Telephone Expense } & \$ 1,150 \\\text { Cash } & 3,000 \\\text { AccountsPayable } & 1,540 \\\text { Dividends } & 800 \\\text { FeesEarned } & 15,700 \\\text { Rent Expense } & 1,400 \\\text { Supplies } & 140 \\\text { Accounts Receivable } & 1,500 \\\text { Computer Equipment } & 20,000 \\\text { Capital Stock } & 10,000 \\\text { WagesExpense } & 4,800 \\\text { Utilities Expense } & 750 \\\text { Notes Payable } & 2,400 \\\text { Retained Earnings } & 4,320 \\\text { Office Expense } & 420\end{array}$ Based on the data provided for Bright Futures Company, prepare in good format a balance sheet as of August 31, 2011.

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Definitions:

Subsistence Farming

A type of agriculture where farmers focus on growing enough food to feed themselves and their families, with little or no surplus for trade.

Supplying Water

The process, infrastructure, and management involved in providing clean and safe water for drinking, agriculture, and other essential uses to communities.

New England Farm Families

Households located in the New England region, historically engaged in agriculture and playing a vital role in the area's economy and society.