The following financial data are for the dental practice of Dr. David Malone when he began operations in July.






1.
Owes $17,700 to the Davis Equipment Company.


2.
Has cash balance of $12,200.


3.
Has dental supplies of $3,000.


4.
Owes $3,530 to 21st Century Furniture Supply.


5.
Has dental equipment of $25,250.


6.
Has office furniture of $6,700.





Determine the amounts that would appear in Dr. Malone's balance sheet





The following financial data are for the dental practice of Dr. David Malone when he began operations in July.






1.
Owes $17,700 to the Davis Equipment Company.


2.
Has cash balance of $12,200.


3.
Has dental supplies of $3,000.


4.
Owes $3,530 to 21st Century Furniture Supply.


5.
Has dental equipment of $25,250.


6.
Has office furniture of $6,700.





Determine the amounts that would appear in Dr. Malone's balance sheet





The following financial data are for the dental practice of Dr. David Malone when he began operations in July.






1.
Owes $17,700 to the Davis Equipment Company.


2.
Has cash balance of $12,200.


3.
Has dental supplies of $3,000.


4.
Owes $3,530 to 21st Century Furniture Supply.


5.
Has dental equipment of $25,250.


6.
Has office furniture of $6,700.





Determine the amounts that would appear in Dr. Malone's balance sheet

All six items will appear on the balance sheet.
1. This is a liability
2. This is a current asset
3. This is a current asset.
4. This is a liability.
5. This is property, plant, & equipment, an asset.
6. This is property, plant, & equipment, an asset.

Now you can prepare the balance sheet. Use your textbook for the format.

Also you need to know the basic accounting equation, which is: Assets = Liabilities + Owners Equity