Ex. 261
Cyn Sclose is the bookkeeper for Ayala Company. Cyn has been trying to get the statement of financial position of Ayala Company to balance. Ayala’s statement of financial position is as follows.
AYALA COMPANY
Statement of Financial Position
December 31, 2014
Assets Liabilities
Equipment $48,000Accounts payable $33,000
Supplies 7,100Accounts receivable (12,500)
Cash 17,400Share capital-ordinary 40,000
Dividends 6,200 Retained earnings 18,200
Total equity and
Total assets $78,700liabilities$78,700
Instructions
Prepare a correct statement of financial position.