INSTRUCTIONS: From the following data taken from the books Dynamite Consultants, a service business owned and managed by Mr. Jimin Park and from other personal records, you are required to prepare a properly classified balance sheet using account form for the business as of August 31, 2020 II. From the following data taken from the books of Dynamite Consultants, a service business owned andmanaged by Mr. Jimin Park and from other personal records, you are required to prepare a properly classifiedbalance sheet using account form for the business as of August 31, 2020.Cash on HandCash in BankAccounts ReceivableCash deposited in savings account of Mr. and Mrs. ParkFurniture and Fixture used in the officeFarmland located in TanayResidential house and lotHousehold, appliances, furniture and equipmentUnpaid salaries to business employeesInterest payable on business loanMortgage payable on GSIS housing loanAccounts PayableNotes Payables to bank for business loan (long-term)Unpaid household billJimin Park, CapitalP 2,40013,00026,60010,0008,80012,000240,00072,0008,0001,60092,0004,00016,0001,000?

Asset is defined as any resource that attracts income to its lawful owner. Each asset has varied…

Answered: II. From the following data taken from…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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INSTRUCTIONS: From the following data taken from the books Dynamite Consultants, a service business owned and managed by Mr. Jimin Park and from other personal records, you are required to prepare a properly classified balance sheet using account form for the business as of August 31, 2020

II. From the following data taken from the books of Dynamite Consultants, a service business owned and
managed by Mr. Jimin Park and from other personal records, you are required to prepare a properly classified
balance sheet using account form for the business as of August 31, 2020.
Cash on Hand
Cash in Bank
Accounts Receivable
Cash deposited in savings account of Mr. and Mrs. Park
Furniture and Fixture used in the office
Farmland located in Tanay
Residential house and lot
Household, appliances, furniture and equipment
Unpaid salaries to business employees
Interest payable on business loan
Mortgage payable on GSIS housing loan
Accounts Payable
Notes Payables to bank for business loan (long-term)
Unpaid household bill
Jimin Park, Capital
P 2,400
13,000
26,600
10,000
8,800
12,000
240,000
72,000
8,000
1,600
92,000
4,000
16,000
1,000
?

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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