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(Solved) Balance Sheet for Jason As of September 30 Current Assets: Cash and equivalents Accounts Receivable Inventories (Playstation) Total Current Assets...


I have to create a balance sheet that compares what Ashley and Jason each own and owe.  I'm currently creating Jason's balance sheet, and I'm not sure if I'm doing it correctly.  Can you take a look and let me know? What would I put for Ashley? Thank you. 

 

On September 30, Ashley and Jason started arguing about who is better off. Jason said he was better off because he owned a PlayStation console that he bought last year for $300. He figures that, if needed, he could sell it to a friend for $280. Ashley argued that she was better off because she had $1,000 cash in her bank account and a vintage car that she bought two years ago for $800 but could now sell for $1,400. Jason countered that Ashley still owed $250 on her car loan and that Jason’s dad promised to buy him a Porsche if he does really well in his accounting class. Jason said he had $6,000 cash in his bank account right now because he just received a $4,800 student loan. Ashley knows that Jason also owes a tuition installment of $800 for this term.


Balance Sheet for Jason
As of September 30
Current Assets:
Cash and equivalents
Accounts Receivable
Inventories (Playstation)
Total Current Assets
Net Fixed Assets
Property, Plant,and Equipment
Other Assets
Total Assets
Liabilities and Equity
Current liabilities:
Accounts Payable
Accruals
Notes Payable
Total current liabilities
Long-term bonds
Total debt
Other Liabilities
Total Liabilties
Common Equity:
Contributed Capital
Retained Earnings
Total Common Equity
Total Liabilities and equity 6,000.00
350.00
6,350.00
6,350.00 0
0
0 4,800.00
4,800.00
0
0
4,800.00

 


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