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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
Transcribed Image Text: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
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