Presented below are accounts of Cutie Company Additional: During the year, the owner made an additional investment of 20,000 and withdrawals of 50,000. Cutie company beginning capital is 617,600 and its net income for the year is 75,000. Instructions: Prepare the Statement of Financial Position in account form and report form and determine the amount of cash. Prepare the supporting notes.
Presented below are accounts of Cutie Company Additional: During the year, the owner made an additional investment of 20,000 and withdrawals of 50,000. Cutie company beginning capital is 617,600 and its net income for the year is 75,000. Instructions: Prepare the Statement of Financial Position in account form and report form and determine the amount of cash. Prepare the supporting notes.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Presented below are accounts of Cutie Company
Additional:
During the year, the owner made an additional investment of 20,000 and withdrawals of 50,000. Cutie company beginning capital is 617,600 and its net income for the year is 75,000.
Instructions: Prepare the Statement of Financial Position in account form and report form and determine the amount of cash.
Prepare the supporting notes.
Transcribed Image Text:Cash
Accounts Receivable
Allowance for Bad Debts
Notes Receivable
Interest Receivable
Merchandise inventory
Prepaid Insurance
Office Supplies
Delivery Equipment
Accum.Depreciation-Delivery Equipment
Furniture and Fixtures
Accum.Depreciation - Furniture and Fixtures
Accounts Payable
Accrued Expenses
Notes Payable (due in 3 years)
J, Capital
J, Drawing
59,400
5,000
39,600
5,000
247,500
6,000
30,000
225,000
72,000
180,000
67,500
45,000
8,000
105,000
50,000
SENIOR HIGH SCHCHOGE
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