*Suppose 3 friends decided to invest in a company calledreliable runner that would sell...

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Accounting

Suppose 3 friends decided to invest in a company calledreliable runner that would sell cars.
Jane put in 20,000, Alan put in 15,000, and Colin put in 15,000.The money was paid into an account.
The company then obtained a bank loan for 30,000 the money wasput in an account
* The company buys a small office (PPE) with a car lot for55,000
The company requires some inventory for trading, and it buys18,000 of seccond hand cars for cash
the company sold a car for 5000 cash
* The car that sold was bought for 4000
* The company has paid a car repair bill for 250
* Suppose that the company sells another car for 7000 oncredit
* the cost of that car sold was 5500
* The company decides to expand its inventory and bought twomore cars for 12000 on crediy
Task prepare a balance sheet for reliable runnerfollowing GAAP
*

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Reliable Runner

Account Form Balance Sheet

Balance Sheet
Asset	Amount	Liabilities	Amount
Current Assets		Current Liabilities
Cash and cash equivalents	11750	Accounts payable
Accounts receivable	7000	Long-term Liabilities
Inventory	20500	Secured long term debt	30000

Long-term Assets		Shareholders' Equity
Tangible fixed assets: Property, Plant and equipment (PPE)	55000	Retained Earnings Common stock	2250 50000
TOTAL ASSETS	94250	TOTAL EQUITY AND LIABILITIES	94250

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In: Accounting*Suppose 3 friends decided to invest in a company calledreliable runner that would sell cars....*Suppose 3 friends decided to invest in a company calledreliable runner that would sell cars.Jane put in 20,000, Alan put in 15,000, and Colin put in 15,000.The money was paid into an account.*The company then obtained a bank loan for 30,000 the money wasput in an account* The company buys a small office (PPE) with a car lot for55,000*The company requires some inventory for trading, and it buys18,000 of seccond hand cars for cash* the company sold a car for 5000 cash* The car that sold was bought for 4000* The company has paid a car repair bill for 250* Suppose that the company sells another car for 7000 oncredit* the cost of that car sold was 5500* The company decides to expand its inventory and bought twomore cars for 12000 on crediyTask prepare a balance sheet for reliable runnerfollowing GAAP*