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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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 7E

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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