Question

Exercise 1-13 Lynn Dreise is the bookkeeper for Sanculi Company SpA. Lynn has been trying to...

Exercise 1-13

Lynn Dreise is the bookkeeper for Sanculi Company SpA. Lynn has been trying to get the statement of financial position of Sanculi Company SpA to balance. Sanculi’s statement of financial position is shown below.

SANCULI COMPANY SpA
Statement of Financial Position
December 31, 2017

Assets

Liabilities

Equipment Є70,114 Share capital—ordinary Є73,036
Supplies 11,686 Retained earnings 25,562
Cash 20,450 Accounts payable

29,214

Dividends

13,146

Accounts receivable

(12,416

)
    Total assets

Є115,396

    Total equity and liabilities

Є115,396


Prepare a correct statement of financial position.

Homework Answers

Answer #1

SANCULI COMPANY SpA
Statement of Financial Position
As at December 31, 2017

Particulars
Є
Є
ASSETS:
Non-Current Assets :
Equipment 70114
Current Assets:
Accounts Receivable 12416
Supplies 11686
Cash 20450 44552
TOTAL ASSETS 114666
EQUITY AND LIABILITIES
Equity:
Share capital—ordinary 73036
Retained earnings 12416 85452
Liabilities:
Current Liabilities:
Accounts payable 29214
TOTAL EQUITY AND LIABILITIES 114666

(The figure shown as retained earnings is the net amount from which the dividend amount has been deducted.

Retained earnings = 25562-13146 = Є12416 ).

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