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Using the information below, compile the Classified Statement of Financial Position for this new business, ABC...

Using the information below, compile the Classified Statement of Financial Position for this new business, ABC Limited, in good form, for the month ended Sept 30, 2020: (All accounts have been listed alphabetically and have normal balances)

Accounts Payable $       30,000
Accounts Receivable $         8,000
Accumulated Depreciation (Equipment) $         5,000
Cash $       65,000
Common Shares $     100,000
Cost of Goods Sold $       18,000
Depreciation Expense $         5,000
Equipment $       80,000
Inventory $       12,000
Notes Payable (due Dec 31, 2021) $       20,000
Sales $       40,000
Wages Expense $         7,000
Business   Accounting   
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Answer #1

Statement of Financial position

September 30,2020

Assets
Current assets
Cash 65000
Account receivable 8000
Inventory 12000
Total Current assets 85000
Property , plant and equipment
Equipment 80000
Less: Accumulated depreciation -5000 75000
Total assets 160000
Liabilities and stockholder's equity
Current liabilities
Account payable 30000
Long term liabilities
Notes payable 20000
Total liabilities 50000
Stockholder's equity
Common shares 100000
Retained earnings 10000
Total Stockholder' s equity 110000
Total liabilities and stockholder's equity 160000
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