Prepare The Statement of Financial Position for 2020
AGT Inc., had the following condensed
AGT INC. STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2019
Cash $ 8,500
Other Current Liabilities $ 15,000
Other Current Assets $29,000
Long-term Loan payable $25,500
Long Term Investments $20,000
Short-term Loan Payable $25,000
Plant assets (net)$ 67,500
Capital $75,000
Land$ 40,000
During 2020 the following occurred.
A tract of land was purchased for $9,000 (cash)
A short term loan in the amount of $15,000 were retired (paid off).
The owner invested an additional $10,000 in Capital.
The Owner withdrew cash totaling $9,375 for personal expenses.
Net Income was $35,250 after charging
AGT Inc., purchased land for $22,500 by taking an additional long term loan.
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.
At the end of 2020, both Other Current Assets (other than cash) and Other Current Liabilities remained at the same amount.
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).
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