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    The Accounting Game

    Uploaded by

    Mark
    This document shows the balance sheet for a business over 6 weeks. It tracks assets like cash, inventory, and fixed assets as well as liabilities and owner's equity. Total assets increased from $15 in Week 1 to $101 in Week 5 as the business generated sales but then declined to $45 in Week 6 as current assets were used to pay liabilities.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    The Accounting Game

    Uploaded by

    Mark
    78 views4 pages
    This document shows the balance sheet for a business over 6 weeks. It tracks assets like cash, inventory, and fixed assets as well as liabilities and owner's equity. Total assets increased from $15 in Week 1 to $101 in Week 5 as the business generated sales but then declined to $45 in Week 6 as current assets were used to pay liabilities.

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    the accounting game

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    This document shows the balance sheet for a business over 6 weeks. It tracks assets like cash, inventory, and fixed assets as well as liabilities and owner's equity. Total assets increased from $15 in Week 1 to $101 in Week 5 as the business generated sales but then declined to $45 in Week 6 as current assets were used to pay liabilities.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    78 views4 pages

    The Accounting Game

    Uploaded by

    Mark
    This document shows the balance sheet for a business over 6 weeks. It tracks assets like cash, inventory, and fixed assets as well as liabilities and owner's equity. Total assets increased from $15 in Week 1 to $101 in Week 5 as the business generated sales but then declined to $45 in Week 6 as current assets were used to pay liabilities.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    WEEK 1

    ASSETS
    Cash 13
    Inventory 2

    TOTAL 15

    WEEK 2
    ASSETS
    Cash 34
    Accounts receivable 6
    Inventory (raw) 12
    Inventory (finished) 0
    Prepaid expense 2

    TOTAL 54

    WEEK 3
    ASSETS
    Cash 59
    Accounts receivable 11
    Inventory (raw) 10
    Inventory (finished) 0
    Prepaid expense 2

    TOTAL 82
    WEEK 4
    ASSETS
    Cash 41
    Accounts receivable 16
    Inventory (raw) 10
    Inventory (finished) 0
    Prepaid expense 2
    Fixed assets 11

    TOTAL 80

    WEEK 5
    ASSETS
    Cash 46
    Accounts receivable 16

    Inventory 10
    Prepaid expense 2
    Total current assets 74

    Gross fixed assets


    Accumulated depreciation
    Net fixed assets 27

    TOTAL 101

    WEEK 6 (closing)
    ASSETS
    Cash 18
    Accounts receivable 0

    Inventory 0
    Prepaid expense 0
    Total current assets 18

    Gross fixed assets


    Accumulated depreciation
    Net fixed assets 27

    TOTAL 45
    WEEK 1
    LIABILITIES
    Notes payable 0

    OWNERS EQUITY
    Original Investment 5
    Retained earnings
    Earnings week to date 10

    TOTAL 15

    WEEK 2
    LIABILITIES
    Accounts payable 4
    Notes payable 25

    TOTAL LIABILITIES 29

    OWNERS EQUITY
    Original Investment 5
    Retained earnings 10
    Earnings week to date 10
    TOTAL OWNERS EQUITY 25

    TOTAL 54 The accrual method

    WEEK 3
    LIABILITIES
    Accounts payable 24
    Notes payable 25

    TOTAL LIABILITIES 49

    OWNERS EQUITY
    Original Investment 5
    Retained earnings 20
    Earnings week to date 8
    TOTAL OWNERS EQUITY 33

    TOTAL 82
    WEEK 4
    LIABILITIES
    Accounts payable 23
    Notes payable 0
    TOTAL LIABILITIES 23

    OWNERS EQUITY
    Original Investment 5
    Retained earnings 28
    Earnings week to date 24
    TOTAL OWNERS EQUITY 57
    TOTAL 80

    WEEK 5
    LIABILITIES
    Accounts payable 32
    Notes payable 0
    Tax liability 3
    TOTAL LIABILITIES 35

    OWNERS EQUITY
    Original Investment 5
    Retained earnings 52
    Earnings week to date 9

    TOTAL OWNERS EQUITY 66


    TOTAL 101

    WEEK 6 (closing)
    LIABILITIES
    Accounts payable 0
    Notes payable 0
    Tax liability 0
    TOTAL LIABILITIES 0

    OWNERS EQUITY
    Original Investment 5
    Retained earnings 40
    Earnings week to date 0

    TOTAL OWNERS EQUITY 45


    TOTAL 45

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