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REQUIRED: Prepare the STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2021 IN A PRESCRIBED REPORT FORMAT WITH SUPPORTING COMPUTATION.

REQUIRED: Prepare the STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2021 IN A PRESCRIBED REPORT FORMAT WITH SUPPORTING COMPUTATION.

FINANCIAL ACCOUNTING
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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PROBLEM #2 FINANCE SALES CORPORATION PROVIDED THE FOLLOWING ACCOUNTS ON DECEMBER 31, 2021 1,125,000 675,000 3,000,000 Long Term investments in bonds Held for trading securities Bank Loan Payable Cash in Bank 1,350,000 225,000 Land held for speculation Prepaid advertising Finance, Capital 52,500 5,087,500 Accounts Receivable -Trade 1,575,000 600,000 37,500 Inventories Office Supplies Notes Receivable-trade 750,000 Accounts payable-trade Petty Cash Fund Property Plant and Equipment Accrued Expenses 900,000 22,500 3,750,000 262,500 Allowance for doubtful Accounts Accumulated Depreciation Finance, Drawing Advances to employees 187,500 1,125,000 250,000 150,000 REQUIRED: Prepare the STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2021 IN A PRESCRIBED REPORT FORMAT WITH SUPPORTING COMPUTATION.
Transcribed Image Text:PROBLEM #2 FINANCE SALES CORPORATION PROVIDED THE FOLLOWING ACCOUNTS ON DECEMBER 31, 2021 1,125,000 675,000 3,000,000 Long Term investments in bonds Held for trading securities Bank Loan Payable Cash in Bank 1,350,000 225,000 Land held for speculation Prepaid advertising Finance, Capital 52,500 5,087,500 Accounts Receivable -Trade 1,575,000 600,000 37,500 Inventories Office Supplies Notes Receivable-trade 750,000 Accounts payable-trade Petty Cash Fund Property Plant and Equipment Accrued Expenses 900,000 22,500 3,750,000 262,500 Allowance for doubtful Accounts Accumulated Depreciation Finance, Drawing Advances to employees 187,500 1,125,000 250,000 150,000 REQUIRED: Prepare the STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2021 IN A PRESCRIBED REPORT FORMAT WITH SUPPORTING COMPUTATION.
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