Please do not give image format Show Transcribed TextÇEquity and LiabilitiesPrepare a classified statement of financial position; assume that ¥39,000 of the note payable will be paid in 2021. (List Current Assets inthe reverse order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)PRONGHORN BOWLING ALLEYStatement of Financial Position¥XAssets The adjusted trial balance for Pronghorn Bowling Alley at December 31, 2020, contains the following accounts (amounts inthousands).BuildingsAccounts ReceivablePrepaid InsuranceCashEquipmentDebitsLandInsurance ExpenseDepreciation ExpenseInterest Expense¥167,44018,8666,09423,45781,12084,5001,0249,5634,940¥397,004CreditsShare Capital-OrdinaryRetained EarningsAccumulated Depreciation-BuildingsAccounts PayableNotes PayableAccumulated Depreciation-EquipmentInterest PayableService Revenue¥130,00016,90055,38015,990127,12424,3264,94022,344¥397,004

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Description: Please do not give image format Show Transcribed TextÇEquity and LiabilitiesPrepare a classified statement of financial position; assume that ¥39,000 of the note payable will be paid in 2021. (List Current Assets inthe reverse order of liquidity. Lis

Financial statements are those statements which are prepared at the end of accounting period. The…

Business

Accounting

3 C Prepare a classified statement of financial position; assume that ¥39,000 of the note payable will be paid in 2021. (List Current Assets in the reverse order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) PRONGHORN BOWLING ALLEY Statement of Financial Position Assets

3 C Prepare a classified statement of financial position; assume that ¥39,000 of the note payable will be paid in 2021. (List Current Assets in the reverse order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) PRONGHORN BOWLING ALLEY Statement of Financial Position Assets

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 6E

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Ç
Equity and Liabilities
Prepare a classified statement of financial position; assume that ¥39,000 of the note payable will be paid in 2021. (List Current Assets in
the reverse order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)
PRONGHORN BOWLING ALLEY
Statement of Financial Position
¥
X
Assets

The adjusted trial balance for Pronghorn Bowling Alley at December 31, 2020, contains the following accounts (amounts in
thousands).
Buildings
Accounts Receivable
Prepaid Insurance
Cash
Equipment
Debits
Land
Insurance Expense
Depreciation Expense
Interest Expense
¥167,440
18,866
6,094
23,457
81,120
84,500
1,024
9,563
4,940
¥397,004
Credits
Share Capital-Ordinary
Retained Earnings
Accumulated Depreciation-Buildings
Accounts Payable
Notes Payable
Accumulated Depreciation-Equipment
Interest Payable
Service Revenue
¥130,000
16,900
55,380
15,990
127,124
24,326
4,940
22,344
¥397,004

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