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3. Alliance Appliance Service in Saskatoon, Saskatchewan has the following assets and liabilities at the close...


3. Alliance Appliance Service in Saskatoon, Saskatchewan has the following assets and liabilities at the close of business on
3. Alliance Appliance Service in Saskatoon, Saskatchewan has the following assets and liabilities at the close of business on October 20, 20- Assets Liabilities Cash $ 6540 Bank Loan $ 15000 A/R-N. Chang 1 100 Mortgage Payable 192 700 A/R-P. O'Neill 529 Equipment 8316 Truck 19 750 Land 140 000 Building 180 000 A. Record the above items on the equation analysis sheet in your Workbook. This time, calculate new balances and totals only after the final transaction. Do not forget to calculate and include the capital figure before starting the transactions. B. Analyze the transactions of October 21, listed below, and record the necessary changes on the equation analysis sheet. C. After completing Transaction 7, calculate the new totals. Ensure that the equation still balances. Prepare a new balance sheet. TRANSACTIONS October 21 1. The owner, Wayne Dalli, needs money for his personal use. He draws $2500 cash out of the business. 2. P. O'Neill pays her debt of $529. 3. A $390 repair service is performed for N. Chang. He will pay in 30 days. 4. Sold the old truck. Its value on the balance sheet was $19 750, but the business received only $4000 cash for it. 5. Paid $900 cash to reduce the amount of the mortgage. 6. The mortgage company calculated monthly interest on the mortgage at $700. This was also paid in cash. Hint: Paying interest to a creditor does not reduce the amount owed. Interest is a cost of borrowing money. 7. Bought a new truck for $40 000. Paid $5000 cash as a down payment and owe the rest to the bank.
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