III. From the following data, you are asked to prepare a balance sheet using the report form presentation as ofDecember 31, 2020 for the Magic Shop Enterprises. This is the first year of operation of Magic Shop.CashP4,000EquipmentAccumulated DepreciationNotes Payable (payable on June 15, 2022)SuppliesNet IncomeJin, DrawingJin, CapitalAccounts Payable16,00050012,00020011,40010,200?3,000

Lets understand the basics. Statement of financial position is divided into below sections. (1)…

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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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From the following data, you are asked to prepare a balance sheet using the report form presentation as of December 31, 2020 for the Magic Shop Enterprises. This is the first year of operation of Magic Shop. P4,000 Cash