Prepare Statement of Financial Position as of December 31, 2019. The following information pertains to Christine Sousa Bags for the year ended December 31,2019.Cash45,000.00Sales Returns and Allowances187,000.00Accounts Receivable95,000.00Sales Discounts161,000.00Merchandise Inventory, endPrepaid AdvertisingOffice Supplies723,000.00Purchases3,000,500.0050,000.00Purchases Returns and Allowances233,000.0025,000.00Purchases Discounts142,000.00Office Equipment570,000.00Transportation In72,000.00Accumulated Depreciation-Off EquiptOffice BuildingAccumulated Depreciation-Off Bldg170,000.00Salaries Expense883,000.001,600,000.00Travel Expense188,000.00115,000.00Insurance Expense25,000.00Land400,000.00Interest Expense208,000.00Accounts Payable74,000.00Office Supplies Expense17,000.00Mortgage Payable1,100,000.00Advertising Expense25,000.00Notes PayableSousa, Capital200,000.00Salaries Payable21,000.00Depreciation Expense - BldgDepreciation Expense - Office Eqt1,729,500.0015,000.00Sousa, Withdrawals200,000.0020,000.00Sales4,600,000.00Merchandise Inventory, beg598,000.00

Financial statement means the statement which include the income statement and the balance sheet.…

Answered: Prepare Statement of Financial Position…

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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Prepare Statement of Financial Position as of December 31, 2019.

The following information pertains to Christine Sousa Bags for the year ended December 31,
2019.
Cash
45,000.00
Sales Returns and Allowances
187,000.00
Accounts Receivable
95,000.00
Sales Discounts
161,000.00
Merchandise Inventory, end
Prepaid Advertising
Office Supplies
723,000.00
Purchases
3,000,500.00
50,000.00
Purchases Returns and Allowances
233,000.00
25,000.00
Purchases Discounts
142,000.00
Office Equipment
570,000.00
Transportation In
72,000.00
Accumulated Depreciation-Off Equipt
Office Building
Accumulated Depreciation-Off Bldg
170,000.00
Salaries Expense
883,000.00
1,600,000.00
Travel Expense
188,000.00
115,000.00
Insurance Expense
25,000.00
Land
400,000.00
Interest Expense
208,000.00
Accounts Payable
74,000.00
Office Supplies Expense
17,000.00
Mortgage Payable
1,100,000.00
Advertising Expense
25,000.00
Notes Payable
Sousa, Capital
200,000.00
Salaries Payable
21,000.00
Depreciation Expense - Bldg
Depreciation Expense - Office Eqt
1,729,500.00
15,000.00
Sousa, Withdrawals
200,000.00
20,000.00
Sales
4,600,000.00
Merchandise Inventory, beg
598,000.00

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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