The following ten transactions occurred during the July grand opening of the Pancake Palace. Assume all Retained Earnings transactions relate to the primary purpose of the business. A. Calculate the ending balance for each account. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Assets Liabilities Owner’s Equity Cash Inventory Equipment AccountsPayable WagesPayable CommonStock RetainedEarnings 1 $50,000 $50,000 2 (6,000) $6,000 3 $25,000 $25,000 4 1,250 $1,250 5 (750) (750) 6 600 (600) 7 $3,500 (3,500) 8 3,200 3,200 9 250 (250) 10 (1,000) 1,000 Ending Balance $ $ $ $ $ $ $ $ $ B. Create the income statement. Use minus sign to indicate the loss. Pancake Palace Income Statement For the Month Ended July 31 $ $ C. Create the statement of owner’s equity. If an amount box requires a zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Statement of Owner's Equity For the Month Ended July 31 $ Ending Balance $ D. Create the balance sheet. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Balance Sheet July 31 Assets: $ Total Assets $ Liabilities: $ Total Liabilities $ Owner’s Equity: $ Total Owner’s Equity $ Total Liabilities and Owner’s Equity $

The following ten transactions occurred during the July grand opening of the Pancake Palace. Assume all Retained Earnings transactions relate to the primary purpose of the business.

A. Calculate the ending balance for each account. For those boxes in which you must enter subtractive or negative numbers use a minus sign.

	Assets	Liabilities	Owner’s Equity
	Cash	Inventory	Equipment	Accounts Payable	Wages Payable	Common Stock	Retained Earnings
1	$50,000					$50,000
2	(6,000)	$6,000
3			$25,000	$25,000
4	1,250						$1,250
5	(750)						(750)
6				600			(600)
7					$3,500		(3,500)
8	3,200						3,200
9				250			(250)
10	(1,000)		1,000
Ending Balance	$	$	$	$	$	$	$
		$		$

B. Create the income statement. Use minus sign to indicate the loss.

Pancake Palace
Income Statement
For the Month Ended July 31
	$

	$

C. Create the statement of owner’s equity. If an amount box requires a zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign.

Pancake Palace
Statement of Owner's Equity
For the Month Ended July 31
	$


Ending Balance	$

D. Create the balance sheet. For those boxes in which you must enter subtractive or negative numbers use a minus sign.

Pancake Palace
Balance Sheet
July 31
Assets:
	$


Total Assets	$
Liabilities:
	$

Total Liabilities	$
Owner’s Equity:
	$

Total Owner’s Equity	$
Total Liabilities and Owner’s Equity	$

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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