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5 Business Skills Every IT Pro Must Master (Collection) by Leigh Thompson, Jerry Weissman, Terry J. Fadem, Stephen Robbins, Robert Follett

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A. Acme Widget Company

Acme Widget Year One

Acme Widget Year One Balance Sheet Worksheet

1. $80,000 stock sale:

+ $80,000 cash / + $80,000 common stock

2. Borrow $60,000:

+ $60,000 cash / + $60,000 notes payable

3. Purchase machine:

+ $48,000 fixed assets / + $48,000 accounts payable

4. Purchase raw materials:

+ $20,000 inventory—raw materials / + $20,000 accounts payable

5. Pay rent advance:

– $1,000 cash / + $1,000 prepaid expenses

6. Repay bank loan:

– $60,000 cash / – $60,000 notes payable

7. Pay for machine:

– $48,000 cash / – $48,000 accounts payable

8. Pay for raw materials:

– $20,000 cash / – $20,000 accounts payable

9. Purchase $160,000 worth of raw materials:

+ $160,000 inventory—raw materials / + $160,000 accounts payable

Pay for $120,000: ...

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