Answer to Question #244661 in Accounting for nicole

Question

II. PROBLEM

1. Statement of Financial Position (10 points)

Directions: Improvise a Statement of Financial Position based from 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 improvised Gelo Corporation Statement of Financial Position as of December 31, 2020, is as follows.