Assume Casual Wear opened a store in San Francisco, starting with cash and common stock of $98,000. Nicole Marchildon, the store manager, then signed a note payable to purchase land for $94,000 and a building for $122,000. Marchildon also paid $58,000 for equipment and $15,000 for supplies to use in the business.
Suppose the home office of Casual Wear requires a weekly report from store managers. Write Marchildon?s memo to the home office to report on her purchases. Include the store?s balance sheet as the final part of your memo. Prepare a T-account to compute the balance for Cash.
This question was answered on: Jul 11, 2017
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