Compute the following:A. Current AssetB. Non current assetC. Total assetD. Current liabilitiesE. Non current liabilitiesF. Total liabilitiesG. EquityH. Net incomeI. Total liabilities and equityJ. Prepare a Statement of Financial Position 3:28 .l ?2288PT 1_-699545684COMPREHENSIVE PROBLEM 1:Below is the Trial Balance of Crash Landing on YouCompany as of and forthe year ending December 31, 2020.AccountDebitCreditCash on hand120,586Cash in bank560,125Trade receivables400,125Allowance for bad debts60,128Advances to suppliers125,677Interest receivable1,248Prepaid supplies4,450Receivable from insurance70,990Merchandise inventory - January 1, 2016255,544Prepaid interest:987Prepaid insurance6,680Land780,125Land improvements5,040Accumulated depreciation - Land improvements2,050Building480,650Accumulated depreciation - Building100,788Building improvements65,234Accumulated depreciation - Building improvements5,019Furniture and equipment88,190Accumulated depreciation - Furniture10,160Machinery and equipment110,897Accumulated depreciation - Machinery and equipment45,678Trade payables198,700Advances from officers and employees5,076Utilities payable6,807... 3:28 ..l@ O 22Salaries payable10,150Unearned rent5,600Notes payable - short-term portion250,000Notes payable - long-term portion180,000Loans payable - short-term portion130,000Loans payable - long-term portion450,000Crash, capital482,145Crash, drawing250,000Sales2,490,000Sales discount10,250Sales return1,577Rent income10,000Interest income1,500Purchases510,000Purchases discount88,000Purchase return7,650Freight in56,875Freight out6,780Salaries expense434,588Utilities expense10,770Advertising expense5,680Rent expense60,000Bad debts1,654Depreciation – building45,670Depreciation - land improvements6,557Depreciation - building improvements5,078Depreciation - furniture6,087Depreciation - machinery and equipment10,157Supplies expense10,124Insurance expense18,000Interest expense12,000Miscellaneous expense1,056Merchandise inventory - December 31, 2016301,256Income and expense summary301,2562 of 3

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Answered: Below is the Trial Balance of Crash…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Compute the following:

A. Current Asset

B. Non current asset

C. Total asset

D. Current liabilities

E. Non current liabilities

F. Total liabilities

G. Equity

H. Net income

I. Total liabilities and equity

J. Prepare a Statement of Financial Position

3:28 .l ?
22
88
PT 1_-699545684
COMPREHENSIVE PROBLEM 1:
Below is the Trial Balance of Crash Landing on YouCompany as of and for
the year ending December 31, 2020.
Account
Debit
Credit
Cash on hand
120,586
Cash in bank
560,125
Trade receivables
400,125
Allowance for bad debts
60,128
Advances to suppliers
125,677
Interest receivable
1,248
Prepaid supplies
4,450
Receivable from insurance
70,990
Merchandise inventory - January 1, 2016
255,544
Prepaid interest:
987
Prepaid insurance
6,680
Land
780,125
Land improvements
5,040
Accumulated depreciation - Land improvements
2,050
Building
480,650
Accumulated depreciation - Building
100,788
Building improvements
65,234
Accumulated depreciation - Building improvements
5,019
Furniture and equipment
88,190
Accumulated depreciation - Furniture
10,160
Machinery and equipment
110,897
Accumulated depreciation - Machinery and equipment
45,678
Trade payables
198,700
Advances from officers and employees
5,076
Utilities payable
6,807
...

3:28 ..l
@ O 22
Salaries payable
10,150
Unearned rent
5,600
Notes payable - short-term portion
250,000
Notes payable - long-term portion
180,000
Loans payable - short-term portion
130,000
Loans payable - long-term portion
450,000
Crash, capital
482,145
Crash, drawing
250,000
Sales
2,490,000
Sales discount
10,250
Sales return
1,577
Rent income
10,000
Interest income
1,500
Purchases
510,000
Purchases discount
88,000
Purchase return
7,650
Freight in
56,875
Freight out
6,780
Salaries expense
434,588
Utilities expense
10,770
Advertising expense
5,680
Rent expense
60,000
Bad debts
1,654
Depreciation – building
45,670
Depreciation - land improvements
6,557
Depreciation - building improvements
5,078
Depreciation - furniture
6,087
Depreciation - machinery and equipment
10,157
Supplies expense
10,124
Insurance expense
18,000
Interest expense
12,000
Miscellaneous expense
1,056
Merchandise inventory - December 31, 2016
301,256
Income and expense summary
301,256
2 of 3

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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