Balance Sheet For Alex’s Auto Detailing

Activity Description

In this worksheet, students will help Alex’s Auto Detailing business by preparing a balance sheet. They will be provided with both the trial balance and the income statement, each containing random transaction amounts, which summarize Alex’s business accounts and profitability. Using this information, students will compile a balance sheet, listing all of the business’s assets, liabilities, and equity.

What Students Will Do:

• Review the trial balance and income statement provided for Alex’s business.
• Use the data to prepare a complete balance sheet, ensuring that assets equal liabilities and equity.

Learning Objectives:

• Gain hands-on experience in preparing a balance sheet from a trial balance and income statement.
• Understand how to classify and organize assets, liabilities, and equity.

Key Features:

• Randomized Data: Each student will receive unique transaction amounts in the trial balance and income statement, ensuring independent work.
• Auto-Grading: The worksheet is automatically graded, providing instant feedback on the accuracy of the balance sheet.

This activity provides a comprehensive approach to building one of the most important financial statements, the balance sheet. Through randomized data and auto-grading, students get personalized feedback to enhance their understanding of how financial information is organized and interpreted.

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