UNIDAD EDUCATIVA PARTICULAR “SAINT DOMINIC SCHOOL”

“Formamos Personas Nuevas, Para un Mundo Nuevo”

Entrepreneurship

HOMEWORK

NAME: ________________________________ CLASS: _____________ DATE: _______________

BALANCE SHEET HOMEWORK

Answer true or false for the following questions, every question is worth 0.5 points.

1.- A software is an example of a tangible asset…….

2.- A non – current liability can be salaries……..
3.- The formula of RETAINED EARNINGS is price – cost……..
4.- The purchase of a car can be an asset or a liability, depending on if you buy it in cash or by a
bank loan……..
5.- The rent for the office is a non – current asset……..
6.- Assets + Equity = Liabilities……….
7.- All the stuff the company owns are called assets………
8.- All the stuff the company owes can be called liabilities or assets……..
9.- The left side of the balance sheet has to be equal to the right side for it to be correct……..
10.- The non-current assets have to be equal to the current assets for the balance sheet to be
correct………
Write down the business activities, located in the right side of your name in the PDF document
given, in the space provided bellow and use the information to fill in the balance sheet. Write
number that corresponds to each business activity above the amount of money you put on the
balance sheet; each business activity is worth 1 point.

1).………………………………………………………………………………………………………
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8).………………………………………………………………………………………………………
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balance sheet
WINDOW CLEANING BUSINESS AS AT NOVEMBER 30, 20XX
ASSETS LIABILITIES AND EQUITY
Current Assets Liabilities
Cash Current Liabilities
Accounts receivable Accounts payable
Supplies Salaries payable
Inventory Taxes payable
total current liabilities
total Current Assets

Non-Current Assets Non-Current Liabilities

Long-term investments Long-Term loans
Property, plant and equipment total Non-Current Liabilities
total Non-Current Assets total liabilities

TOTAL ASSETS Equity

Owners´s equity
Retained earnings
total equity

TOTAL LIABILITIES AND EQUITY

Answer the questions, each question is worth 1 point.

-What business activity can relate supplies and owners’ equity? Give an example

-What business activity can relate cash and salaries? Give an example