Answer to Question #236644 in Accounting for Another you

Question

A. Prepare a Statement of Financial Position using the account form using the following balances available in the book of Una de La Seguridad Company owned by May Pers as of August 31, 2021.

Una de La Seguridad Company

August 31, 2021

Debit Credit

Accounts Payable 53,100

Accounts Receivable 24,000

Accumulated Depreciation 60,000

Cash 240,000

Furnitures 22,900

Loans Payable 9,000

May Pers, Capital ?

Merchandise Inventory 100,000

Notes Payable 150,000

Office Equipment 46,400

Prepaid Rent 71,000

Service Vehicle 330,000

Answer 1

Una de La Seguridad Company

Statement of Financial Position

August 31,2021

ASSETS

Non-Current Assets

Furniture     22,900 

Office Equipment  46,400

Service Vehicle    330,000

Less: Accumulated Depreciation   (60,000)

Total Non-Current Assets 339,300

Current Assets

Cash 240,000 

Accounts Receivable 24,000 

Merchandise Inventory 100,000

Prepaid Rent  71,000 

Total current Assets 435,000 

Total Assets 774,300

LIABILITIES AND OWNER'S EQUITY

Current liabilities

Accounts Payable  53,100

Loans Payable  9,000

Notes Payable   150,000

Total Liabilities 212,100 

Owner's Equity

May Pers, Capital 562,200

Total Owner's Equity 562,200

Total Liabilities and Owners Equity 774,300