Create a Statement of Financial Position using the given Data for The Wealthy Co.Merchandising Business for period ended July 31,2020Account No.Account NameAdjusted Trial BalanceDebitTrial BalanceAdjustmentsDebitSFPSCIDebitCreditCreditCreditDebitCreditDebitCredit1000 Cash91,52591,52591,5251200 Accounts Receivable30,14030,14030,1401300 Inventory1400 Prepaid Expenses20,05020,05020,05030,0005,00030,0005,00030,0001600 Office Equipment45,00045,00045,0001601 AccumDeprn - Off Eqpt2000 Accounts Payable7507507503,0003,0003,0002201 Salaries Payable7,0007,0007,0003000 Sy, Drawings3100 Sy, Capital10,00010,00010,000200,000200,000200,0004100 Sales72,71072,71072,7104101 Sales Returns&Allowances1,3201,3201,3204102 Sales Discount8258258255100 Cost of Sales32,45032,45032,4506100 Salaries Expense7,0007,00014,00014,0006200 Utilities Expense7,4007,4007,4006300 Rental Expense5,0005,0005,0006500 Depreciation Expense750750750275,710275,71012,50012,500288,460288,460

Statement of financial position provides information about the net income, assets, and liabilities…

Create a Statement of Financial Position using the given Data for The Wealthy Co. Merchandising Business for period ended July 31,2020 Account No. Account Name Adjusted Trial Balance Credit Adjustments SCI Trial Balance SFP Debit Credit Debit Credit Debit Debit Credit Debit Credit 1000 Cash 91,525 91,525 91,525 1200 Accounts Receivable 30,140 30,140 30,140 1300 Inventory 20,050 20,050 20,050 1400 Prepaid Expenses 30,000 5,000 30,000 5,000 30,000 1600 Office Equipment 1601 AccumDeprn - Off Eqpt 45,000 45,000 45,000 750 750 750 3,000 2000 Accounts Payable 2201 Salaries Payable 3,000 3,000 7,000 7,000 7,000 3000 Sy, Drawings 10,000 10,000 10,000 3100 Sy, Capital 200,000 200,000 200,000 4100 Sales 72,710 72,710 72,710 4101 Sales Returns&Allowances 1,320 1,320 1,320 4102 Sales Discount 825 825 825 5100 Cost of Sales 32,450 32,450 32,450 6100 Salaries Expense 7,000 7,000 14,000 14,000 6200 Utilities Expense 6300 Rental Expense 7,400 7,400 7,400 5,000 5,000 5,000 6500 Depreciation Expense 750 750 750 275,710 275,710 12,500 12,500 288,460 288,460

Create a Statement of Financial Position using the given Data for The Wealthy Co. Merchandising Business for period ended July 31,2020 Account No. Account Name Adjusted Trial Balance Credit Adjustments SCI Trial Balance SFP Debit Credit Debit Credit Debit Debit Credit Debit Credit 1000 Cash 91,525 91,525 91,525 1200 Accounts Receivable 30,140 30,140 30,140 1300 Inventory 20,050 20,050 20,050 1400 Prepaid Expenses 30,000 5,000 30,000 5,000 30,000 1600 Office Equipment 1601 AccumDeprn - Off Eqpt 45,000 45,000 45,000 750 750 750 3,000 2000 Accounts Payable 2201 Salaries Payable 3,000 3,000 7,000 7,000 7,000 3000 Sy, Drawings 10,000 10,000 10,000 3100 Sy, Capital 200,000 200,000 200,000 4100 Sales 72,710 72,710 72,710 4101 Sales Returns&Allowances 1,320 1,320 1,320 4102 Sales Discount 825 825 825 5100 Cost of Sales 32,450 32,450 32,450 6100 Salaries Expense 7,000 7,000 14,000 14,000 6200 Utilities Expense 6300 Rental Expense 7,400 7,400 7,400 5,000 5,000 5,000 6500 Depreciation Expense 750 750 750 275,710 275,710 12,500 12,500 288,460 288,460

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 4SEB: FINANCIAL RATIOS Based on the financial statements, shown on pages 603604, for McDonald Carpeting...

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