Answer to Question #244133 in Accounting for nicole

Question #244133

Statement of Financial Position

Directions: Improvise a Statement of Financial Position based from 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





1
Expert's answer
2021-10-10T16:27:33-0400

Solution:

The Gelo Corporation improvised Statement of Financial Position is as follows:


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