1. Taketra Sturgis
Winchester Cuts
Balance Sheet
October 6, 2012
Assets Liabilities
Cash $40,000Accounts Payable $2,500
Accounts Receivable $115,000Loan Payable $43,000
Supplies $2,500Total liabilities $47,500
Land $65,000Stockholders’ equity
Capital Stock $48,000
Retained earnings $99,000$211,000
Total liabilities and equity $222,800
Total Assets $222,8000
I was able to identify with the concepts of the balance sheet and apply some of what is going on
in my life. I have learned that the actual value of an asset may perhaps alter as time
passes.Consequent fluctuations in the market value of our property would typically not be
logged in the financial records. The propertymay possibly be worth half as much or double as

2. much at some point following the purchase.However, typically no modification would be made
in the bookkeeping accounts to replicate thesevariations in market value of our assets. Doing
this balance sheet really helped me to realize a lot.