Answer to Question #244244 in Accounting for samantha

Question

Directions: make a Statement of Financial Position based on the given accounts below in
ACCOUNT FORM.

The Gelo Corporation has the following balances provided for the year 2020:
TOTAL ASSETS = ₱ 3,500,000
TOTAL LIABILITIES = 2,400,000
TOTAL CURRENT ASSETS = ₱ 2,350,000
TOTAL CURRENT LIABILITIES = ₱ 2,400,000

Accounts Receivable
Notes Payable
Unearned Revenue
Income Tax Payable
Comprehensive Income
Building
Land
Intangible Assets
Noncurrent Receivables
Owner’s Capital
Owner’s Withdrawal
Salaries Payable
Prepaid Expenses
Inventories
Interest Payable
Notes Receivable

Answer 1

Solution:

The Gelo Corporation Statement of Financial Position is as below: