The assets and liabilities of Amos Moving Services at March 31, 2014, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner was $180,000 at April 1, 2013, the beginning of the current year. Mr. Amos invested an additional $25,000 in the business during the year.
Prepare a balance sheet for the current year ended March 31, 2014.
Definitions:
Industry Sales
The total volume of sales made by all businesses within a specific industry.
Monopoly
A market structure characterized by a single seller who controls all the supply of a particular good or service, and where entry of new competitors is obstructed.
Credit-Rating Industry
The sector of the financial industry that provides assessments of the creditworthiness of borrowers to potential lenders.
Nationally Recognized
A status achieved by entities, individuals, products, or brands that are widely acknowledged and esteemed across an entire country.
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