AGT Inc., had the following condensed Statement of Financial Position (Balance Sheet) at the end of operations for 2019. AGT INC. STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2019 Cash $ 8,500 Other Current Liabilities $ 15,000 Other Current Assets 29,000 Long-term Loan payable 25,500 Long Term Investments 20,000 Short-term Loan Payable 25,000 Plant assets (net) 67,500 Capital 75,000 Land 40,000 Retained Earnings 24,500 $165,000 $165,000 During 2020 the following occurred. 1. A tract of land was purchased for $9,000 (cash) 2. A short term loan in the amount of $15,000 were retired (paid off). 3. The owner invested an additional $10,000 in Capital. 4. The Owner withdrew cash totaling $9,375 for personal expenses. 5. Net Income was $35,250 after charging depreciation of $13,500 6. AGT Inc., purchased land for $22,500 by taking an additional long term loan. 7. AGT Inc. sold part of its long term investments for $12,875. This transaction resulted in a gain of $2,000 for the company. This gain was included in the reported net Income. 8. At the end of 2020, both Other Current Assets (other than cash) and Other Current Liabilities remained at the same amount. 9. At the end of 2020, AGT Inc. has a cash balance of $44,750 Required 1. Prepare The Statement of Financial Position for 2020 for AGT Inc. in proper format (vertical)
AGT Inc., had the following condensed
(Balance Sheet) at the end of operations for 2019.
AGT INC.
STATEMENT OF FINANCIAL POSITION
DECEMBER 31, 2019
Cash $ 8,500 Other Current Liabilities $ 15,000
Other Current Assets 29,000 Long-term Loan payable 25,500
Long Term
Investments
20,000 Short-term Loan
Payable
25,000
Plant assets (net) 67,500 Capital 75,000
Land 40,000
$165,000 $165,000
During 2020 the following occurred.
1. A tract of land was purchased for $9,000 (cash)
2. A short term loan in the amount of $15,000 were retired (paid off).
3. The owner invested an additional $10,000 in Capital.
4. The Owner withdrew cash totaling $9,375 for personal expenses.
5. Net Income was $35,250 after charging
6. AGT Inc., purchased land for $22,500 by taking an additional
long term loan.
7. AGT Inc. sold part of its long term investments for $12,875. This
transaction resulted in a gain of $2,000 for the company. This gain
was included in the reported net Income.
8. At the end of 2020, both Other Current Assets (other than cash) and
Other Current Liabilities remained at the same amount.
9. At the end of 2020, AGT Inc. has a cash balance of $44,750
Required
1. Prepare The Statement of Financial Position for 2020 for AGT Inc. in
proper format
(vertical)
Step by step
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