Amos Moving Services' account balances at March 31, 2011, the end of the current year, are listed below. The Retained Earnings balance was $180,000 at April 1, 2010, the beginning of the current year.
Based on the data provided for Amos Moving Services, prepare a balance sheet as of March 31, 2011.
Definitions:
Voidable
A legal term describing a contract or transaction that may be declared invalid by one of the parties to the contract.
Minor's Option
The legal ability of a minor to affirm or void contracts and agreements, based on their lack of legal capacity to enter into contracts.
Deposit
An upfront payment or security placed in trust or as a guarantee for the fulfillment of an obligation or purchase.
Majority
More than half of a particular group or amount; often referring to the greater part of a specific population or quantity.
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