Financial Accounting 7th Canadian Edition by Walter Harrison Test bank

Common shares                 50,600               Salary payable            2,300

Equipment                          24,600               Supplies                       2,500

Answer:                                             Zap Ltd.

                                                         Balance Sheet

                                                    December 31, 2017

       Assets                                                                  Liabilities

Cash                                         $21,600        Accounts payable    $12,200

Accounts receivable                 21,000        Note payable              11,000

Inventory                                   23,500        Salary payable             2,300

Supplies                                       2,500        Total liabilities           25,500

Equipment                                 24,600

                                                                             Shareholders' equity

                                                                      Common shares         50,600

                                                                      Retained earnings