Question 1:Part i:a. Define statement of financial positions and its characteristics?b. The balance sheet items of ABC Company as of December 31 2010, are shown below inrandom order. You are to prepare a balance sheet for the company .you must compute theamount for ABC's capital..$10,200210.000Land.Account payable.Account receivableCash$90,00043,80056,70036.300Office equipment.Building..MrA's capital.Notes payable.213.600Requirements:1. Prepare a balance sheet.part ii:The night manager of M SAJJAD LIMO services, who had no accounting background, preparedthe following balance sheet for the company at February 28 2018. The dollar amounts were takendirectly from the company accounting record and are correct. However, the balance sheet containa number of error in its headings, format and the classification of assets, liability and the owner'sequityM.SAJJAD LIMOMANGER'S REPORTSOWNER'S EQUITYASSETSMrSAJJAD's Capital.Cash,Building.AutomobilesLand.$162,000 Account receivable..69,000 Notes payable.80,000 Supplies.$165,000 Land.$90,000 Account payable.$476,000$78,000.288,000$14.000$70.00026,000$476,000Requirements:1. Prepare a corrected balance sheet, included a proper headingsPart iii:.26,100 | Notes payable..$7,450 Notes receivables.189,060 Prop, and equipment..24,630 Red costello, Čapital.Salaries payables.Tents..........Trucks and wagons.Account payable.Account receivable.$180.0009,500$89,580337.230animalsCages.CashCostumes.$9,750.63,000.105,840.?31,500Requirements:Prepare a corrected balance sheet by using these items and computing the amount of cash at June30.organzie your balance sheet item correctly including proper heading.

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a. Define statement of financial positions and its characteristics? b. The balance sheet items of ABC Company as of December 31 2010, are shown below in random order. You are to prepare a balance sheet for the company you must compute the amount for ABC's capital. Land.. Account payable. Account receivable.. Cash.. $90,000 |Office equipment.. Building.. MrA's capital. Notes payable. .$10,200 .210,000 .43,800 ..56,700 ..36,300 .213,600 Requirements: 1. Prepare a balance sheet.

a. Define statement of financial positions and its characteristics? b. The balance sheet items of ABC Company as of December 31 2010, are shown below in random order. You are to prepare a balance sheet for the company you must compute the amount for ABC's capital. Land.. Account payable. Account receivable.. Cash.. $90,000 |Office equipment.. Building.. MrA's capital. Notes payable. .$10,200 .210,000 .43,800 ..56,700 ..36,300 .213,600 Requirements: 1. Prepare a balance sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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