Prepare a classified Statement of Financial Position as at December 31, 2019. The adjusted trial balance is prepared as under:Adjusted Trial Balance for the year ended December 31, 2019.Debit $ParticularsCredit $$(11,700)$51,000$1,700$21,500$65,000$95,000$40,000CashAccounts ReceivableSuppliesInventoryLandBuildingEquipmentNew Delivery Truck$42,000Allowance for Doubtful Debts$5410Allowance for Doubtful Debts$5,860$33,000$16,800$18,000$19,300Accumulated Depreciation-BuildingsAccumulated Depreciation-New Delivery TruckAccumulated Depreciation-EquipmentAccounts PayableSalaries and Wages Payable$18,000$2,000Unearned Rent RevenueNotes Payable - due in 2020Interest Payable$6,000$3,600Notes Payable- due after 2020Share Capital-OrdinaryRetained Earnings$30,000$54,400$75,500Dividends$9,200Sales Revenue$586,000$6,000$750Rent RevenueGain on Sale on Disposal of Plant AssetsCost of Goods Sold$410,000Sales Discount$320Purchase Discount$120Bad Debt ExpensesDepreciation ExpenseSupplies ExpenseInterest ExpenseOther Operating ExpenseSalaries and Wages Expenses$5,860$23,400$1,500$6,100$31,000$83,000Total$874,880$874,880 P CompanyStatement of retained earningsFor the year Ended December 31, 2019Beginning balance of retained earningsAdd: Net income$75,500$31,690$107,190$9,200$97,990|Less: Dividends paidEnding balance of retained earnings

Name: Prepare a classified Statement of Financial Position as at December 31
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Description: Prepare a classified Statement of Financial Position as at December 31, 2019. The adjusted trial balance is prepared as under:Adjusted Trial Balance for the year ended December 31, 2019.Debit $ParticularsCredit $$(11,700)$51,000$1,700$21,500$65,000$9

Statement of Financial Position- It is a financial statement that summarises the company's assets,…

Answered: $(11,700) $51,000 Cash Accounts…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section: Chapter Questions

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Prepare a classified Statement of Financial Position as at December 31, 2019.

The adjusted trial balance is prepared as under:
Adjusted Trial Balance for the year ended December 31, 2019.
Debit $
Particulars
Credit $
$(11,700)
$51,000
$1,700
$21,500
$65,000
$95,000
$40,000
Cash
Accounts Receivable
Supplies
Inventory
Land
Building
Equipment
New Delivery Truck
$42,000
Allowance for Doubtful Debts
$5410
Allowance for Doubtful Debts
$5,860
$33,000
$16,800
$18,000
$19,300
Accumulated Depreciation-Buildings
Accumulated Depreciation-New Delivery Truck
Accumulated Depreciation-Equipment
Accounts Payable
Salaries and Wages Payable
$18,000
$2,000
Unearned Rent Revenue
Notes Payable - due in 2020
Interest Payable
$6,000
$3,600
Notes Payable- due after 2020
Share Capital-Ordinary
Retained Earnings
$30,000
$54,400
$75,500
Dividends
$9,200
Sales Revenue
$586,000
$6,000
$750
Rent Revenue
Gain on Sale on Disposal of Plant Assets
Cost of Goods Sold
$410,000
Sales Discount
$320
Purchase Discount
$120
Bad Debt Expenses
Depreciation Expense
Supplies Expense
Interest Expense
Other Operating Expense
Salaries and Wages Expenses
$5,860
$23,400
$1,500
$6,100
$31,000
$83,000
Total
$874,880
$874,880

P Company
Statement of retained earnings
For the year Ended December 31, 2019
Beginning balance of retained earnings
Add: Net income
$75,500
$31,690
$107,190
$9,200
$97,990
|Less: Dividends paid
Ending balance of retained earnings

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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