Answer to Question #243675 in Accounting for samantha

Question

Statement of Financial Position based on the given accounts below in ACCOUNT FORM.

The Gelo Corporation has the following balances provided for the year 2020:

TOTAL ASSETS = ₱ 3,500,000

TOTAL LIABILITIES = 2,400,000

TOTAL CURRENT ASSETS = ₱ 2,350,000

TOTAL CURRENT LIABILITIES = ₱ 2,400,000

Accounts Receivable

Notes Payable

Unearned Revenue

Income Tax Payable

Comprehensive Income

Building

Land

Intangible Assets

Noncurrent Receivables

Owner’s Capital

Owner’s Withdrawal

Salaries Payable

Prepaid Expenses

Inventories

Interest Payable

Notes Receivable

Answer 1

Gelo Corporation

Statement of Financial Position

for the year 2020

Assets

Current Assets

Accounts Receivable

Prepaid Expenses

Inventories

Notes Receivable

Total Current Assets = ₱ 2,350,000

Fixed Assets

Noncurrent Receivables(long-term asset)

Building

Land

Intangible Assets

Total Assets = ₱ 3,500,000

Liabilities

Current Liabilities

Notes Payable

Unearned Revenue

Income Tax Payable

Salaries Payable

Interest Payable

Total Current Liabilities = ₱ 2,400,000

Total Liabilities = 2,400,000

Total Assets - Total Liabilities = ₱ 1,100,000

Owner's Equity

Owner’s Capital

Owner’s Withdrawal

Total Owner's Equity = ₱ 1,100,000

Total Liabilities + Owner's Equity = ₱ 3,500,000