After closing all the nominal accounts of Mr. Cristian Ronaldo, he requested you to prepare a classified Statement of Financial Position in both Report and Account forms. Presented below are the accounts with debit and credit balances. Account TitlesDebitCreditCash in Bank950,000 Accounts Receivable80,000 Doubtful Accounts 4,000Merchandise Inventory640,000 Prepaid Rent15,000 Supplies10,000 Delivery Equipment650,000 Accumulated Depreciation 32,500Accounts Payable 515,000Unearned Sales Revenue 20,000Accrued Salaries Expense 10,000Ronaldo, Capital 1,763,500Total2,345,0002,345,000 Required:Prepare a Statement of Financial Position for the company (one in report form and one in account form).

The financial statements of the business include the income statement and balance sheet of the firm.

Answered: After closing all the nominal accounts…

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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Question

After closing all the nominal accounts of Mr. Cristian Ronaldo, he requested you to prepare a classified Statement of Financial Position in both Report and Account forms.

Presented below are the accounts with debit and credit balances.

Account Titles	Debit	Credit
Cash in Bank	950,000
Accounts Receivable	80,000
Doubtful Accounts		4,000
Merchandise Inventory	640,000
Prepaid Rent	15,000
Supplies	10,000
Delivery Equipment	650,000
Accumulated Depreciation		32,500
Accounts Payable		515,000
Unearned Sales Revenue		20,000
Accrued Salaries Expense		10,000
Ronaldo, Capital		1,763,500
Total	2,345,000	2,345,000