Terry Lloyd and Joan Lopez organized Read More Store as a corporation; each contributed $50,000 cash to start the business and received 4,000 shares of capital. The store completed its first year of operations on December 31, 2020. On that date, the following financial items were determined: cash on hand and in the bank, $48,900; amounts due from customers from sales of books, $25,000; unused portion of store and office equipment, $49,000; amounts owed to publishers for books purchased, $7,000; one-year note for $3,000, signed on January 15, 2020, and payable to a local bank. No dividends were declared or paid to the shareholders during the year. Required: 1. Complete the following statement of financial position as at December 31, 2020. Assets Cash READ MORE STORE Statement of Financial Position As at December 31, 2020 Accounts receivable Store and office equipment Total assets Liabilities Accounts payable Note payable Interest payable Total liabilities Shareholders' Equity Contributed capital Retained earnings Total shareholders' equity $ $ 48,900 25,000 49,000 7,000 3,000 120 12,780

Terry Lloyd and Joan Lopez organized Read More Store as a corporation; each contributed $50,000 cash to start the business and received 4,000 shares of capital. The store completed its first year of operations on December 31, 2020. On that date, the following financial items were determined: cash on hand and in the bank, $48,900; amounts due from customers from sales of books, $25,000; unused portion of store and office equipment, $49,000; amounts owed to publishers for books purchased, $7,000; one-year note for $3,000, signed on January 15, 2020, and payable to a local bank. No dividends were declared or paid to the shareholders during the year. Required: 1. Complete the following statement of financial position as at December 31, 2020. Assets Cash READ MORE STORE Statement of Financial Position As at December 31, 2020 Accounts receivable Store and office equipment Total assets Liabilities Accounts payable Note payable Interest payable Total liabilities Shareholders' Equity Contributed capital Retained earnings Total shareholders' equity $ $ 48,900 25,000 49,000 7,000 3,000 120 12,780

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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