Balance Sheet Opening Activity

Cash- Cash on hand, Undeposited Checks received from customers.
Petty Cash- small disbursements for little things.
Supplies- Cost of supplies on hand at the time the balance sheet was made. 
Inventory- Merchandise that is awaiting to be sold. 
Accounts Receivable- Combined amount of debit balance in the accounts receivable account and the credit balance for doubtful accounts.The difference between the balances in these two accounts is the amount of the accounts receivable that is likely to turn to cash.


Assets- The value of the items that a business has at the time of the balance sheet being made. 
Liabilities- The value of the stuff that the business owes at the time of the balance sheet being made. 
Owner's Equity- The value of everything after all liabilities have been calculated 
(Liabilities - Assets = Owner's Equity)


The earnings after all the liabilities have been subtracted from the assets is $229,000 it shows that they have made money instead of losing it meaning that there business is successful, there are a few things that are alarming in the liabilities section of the balance sheet though like the $35,900 in the Accounts Payable section.