Answer to Question #229809 in Accounting for Another you

Question

A. Create a classified Statement of Financial Position in Report Form. (Please refer to the note below)

1. The following balances are lifted from the general ledger of Alpha Company as of July 31, 2021.

Accounts Payable -- 44,000.00

Accounts Receivable --150,000.00

Allowance for Doubtful Accounts -- 32,000.00

Alpha, Capital -- 670,000.00

Cash -- 455,000.00

Delivery Equipment -- 300,000.00

Furniture -- 31,000.00

Light and Water Expense -- 64,000.00

Loans Payable -- 130,000.00

Merchandise Inventory -- 110,000.00

Notes Payable -- 150,000.00

Prepaid Insurance -- 15,000.00

Rent Expense -- 128,000.00

Salaries Expenses -- 169,000.00

Salaries Payable -- 25,000.00

Service Revenue -- 330,000.00

Vat Payable -- 10,000.00

Note: Accounts Receivable is due on

December 31, 2021.

Accounts and Notes Payable are due on

January 31, 2022 and December 31,

2022 respectively. Bank loan is due in

18 months.

Answer 1

Solution:

The statements of financial position are as below: