AGT Inc., had the following condensed Statement of Financial Position (Balance Sheet) at the end of operations for 2019. AGT INC. STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2019 Cash $ 8,500 Other Current Liabilities $ 15,000 Other Current Assets 29,000 Long-term Loan payable 25,500 Long Term Investments 20,000 Short-term Loan Payable 25,000 Plant assets (net) 67,500 Capital 75,000 Land 40,000 Retained Earnings 24,500 $165,000 $165,000 During 2020 the following occurred. A tract of land was purchased for $9,000 (cash) A short term loan in the amount of $15,000 were retired (paid off). The owner invested an additional $10,000 in Capital. The Owner withdrew cash totaling $9,375 for personal expenses. Net Income was $35,250 after charging depreciation of $13,500 AGT Inc., purchased land for $22,500 by taking an additional long term loan. AGT Inc. sold part of its long term investments for $12,875. This transaction resulted in a gain of $2,000 for the company. This gain was included in the reported net Income. At the end of 2020, both Other Current Assets (other than cash) and Other Current Liabilities remained at the same amount. At the end of 2020, AGT Inc. has a cash balance of $44,750 Required Prepare The Statement of Financial Position for 2020 for AGT Inc. in proper format (vertical).

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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AGT Inc., had the following condensed Statement of Financial Position (Balance Sheet) at the end of operations for 2019. AGT INC. STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2019 Cash $ 8,500 Other Current Liabilities $ 15,000 Other Current Assets 29,000 Long-term Loan payable 25,500 Long Term Investments 20,000 Short-term Loan Payable 25,000 Plant assets (net) 67,500 Capital 75,000 Land 40,000 Retained Earnings 24,500 $165,000 $165,000 During 2020 the following occurred. A tract of land was purchased for $9,000 (cash) A short term loan in the amount of $15,000 were retired (paid off). The owner invested an additional $10,000 in Capital. The Owner withdrew cash totaling $9,375 for personal expenses. Net Income was $35,250 after charging depreciation of $13,500 AGT Inc., purchased land for $22,500 by taking an additional long term loan. AGT Inc. sold part of its long term investments for $12,875. This transaction resulted in a gain of $2,000 for the company. This gain was included in the reported net Income. At the end of 2020, both Other Current Assets (other than cash) and Other Current Liabilities remained at the same amount. At the end of 2020, AGT Inc. has a cash balance of $44,750 Required Prepare The Statement of Financial Position for 2020 for AGT Inc. in proper format (vertical).

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