Below are the accounts of J.L Laundry for the month ended March 31, 2015Instructions: Prepare a statement of financial position and label its parts. After which, answer the following questions.2. How much is the total non current asset of the entity?Delivery Truck120,000.00Cash22,400.00Accounts Payable120,000.00Laundry Supplies2,000.00Inerest Payable1,200.00Laundry Equipment80,000.00Accounts Recievable₱3,900.00Net profit for the month11,100.00J.L Capital104,000.00J.L Drawing1,000.00Filipinas Hotel4,600.00D & E Coffee Shop2,400.00

The financial position states the balance of the assets and liabilities of the entity as of 31…

Answered: Below are the accounts of J.L Laundry…

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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Below are the accounts of J.L Laundry for the month ended March 31, 2015

Instructions: Prepare a statement of financial position and label its parts. After which, answer the following questions.

2. How much is the total non current asset of the entity?

Delivery Truck	120,000.00
Cash	22,400.00
Accounts Payable	120,000.00
Laundry Supplies	2,000.00
Inerest Payable	1,200.00
Laundry Equipment	80,000.00
Accounts Recievable	₱3,900.00
Net profit for the month	11,100.00
J.L Capital	104,000.00
J.L Drawing	1,000.00
Filipinas Hotel	4,600.00
D & E Coffee Shop	2,400.00

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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