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Home > Business & Careers > Accounting   »   Balance Sheets

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Old Feb 5, 2008, 09:18 PM
chinkstaz_123
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Balance Sheets
Hi there, I am suppose to consider this additonal information into my balance sheet:

"A friend of the owner recently offered her $3500 for the firm's office equipment"

I do not input this into the balance sheet right, since no transaction has taken place.
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Old Feb 8, 2008, 08:13 AM   #2  
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define assests and liabilities
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Old Feb 8, 2008, 08:14 AM   #3  
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what types of questions are answered by the income statement and balance sheet?
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Old Feb 9, 2008, 09:13 PM   #4  
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You are correct. Making an offer is not an economic event.

Since they're referring to the Balance Sheet, I do have to wonder if they are wanting you to know if you should change the value of the equipment to the amount that was offered, i.e. as though this is market value. Fixed (plant) assets are always presented at their actual cost, less the accumulated depreciation (calculated by a pre-determined method), and not at their market value.
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