During 2020 the following occurred. 1. A tract of land was purchased for $9,000 (cash) 2. A short term loan in the amount of $15,000 were retired (paid off). 3. The owner invested an additional $10,000 in Capital. 4. The Owner withdrew cash totaling $9,375 for personal expenses. 5. Net Income was $35,250 after charging depreciation of $13,500 6. AGT Inc., purchased land for $22,500 by taking an additional long term loan. 7. 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. 8. At the end of 2020, both Other Current Assets (other than cash) and Other Current Liabilities remained at the same amount. 9. At the end of 2020, AGT Inc. has a cash balance of $44,750 Required 1. Prepare The Statement of Financial Position for 2020 for AGT Inc. in proper format (vertical)

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...
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During 2020 the following occurred.
1. A tract of land was purchased for $9,000 (cash)
2. A short term loan in the amount of $15,000 were retired (paid off).
3. The owner invested an additional $10,000 in Capital.
4. The Owner withdrew cash totaling $9,375 for personal expenses.
5. Net Income was $35,250 after charging depreciation of $13,500
6. AGT Inc., purchased land for $22,500 by taking an additional
long term loan.
7. 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.
8. At the end of 2020, both Other Current Assets (other than cash) and
Other Current Liabilities remained at the same amount.
9. At the end of 2020, AGT Inc. has a cash balance of $44,750

Required
1. Prepare The Statement of Financial Position for 2020 for AGT Inc. in
proper format
(vertical)

 

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
$ 8,500
29,000
20,000
$ 15,000
25,500
25,000
: Cash
Other Current Liabilities
Other Current Assets
Long-term Loan payable
Short-term Loan
Рayable
Capital
Retained Earnings
Long Term
Investments
Plant assets (net)
67,500
40,000
$165,000
75,000
24,500
$165,000
Land
----- -
-----
Transcribed Image Text: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 $ 8,500 29,000 20,000 $ 15,000 25,500 25,000 : Cash Other Current Liabilities Other Current Assets Long-term Loan payable Short-term Loan Рayable Capital Retained Earnings Long Term Investments Plant assets (net) 67,500 40,000 $165,000 75,000 24,500 $165,000 Land ----- - -----
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