Prepare a report form Statement of Financial Position as of November 30, 2022 CashAccounts ReceivableAllowance for Doubtful AccountsCommissions ReceivableMerchandise InventoryACCOUNT NAMESStore SuppliesPrepaid Insurance ExpenseEquipmentAccumulated Depreciation - EquipmentFurnitureAccumulated Depreciation - FurnitureAccounts PayableNotes PayableInterest PayableUtilities PayableUnearned Sales Revenue10% Preference Share Capital, #100 par, 100,000 shares authorizedOrdinary Share Capital, #10 par, 500,000 shares authorizedPreference Share PremiumOrdinary Share PremiumAccumulated ProfitsIncome SummarySalesSales Returns and AllowancesSales DiscountsCommissions IncomePurchasesFreight-InPurchase Returns and AllowancesPurchase DiscountsCleaning Services ExpenseFreight-OutInsurance ExpenseInterest ExpenseRent ExpenseSalaries ExpenseStore Supplies ExpenseUtilities ExpenseDepreciation Expense - EquipmentDepreciation Expense - FurnitureDoubtful Accounts ExpenseTotalIncomeUNADJUSTEDTRIAL BALANCEDR1,821,052300,000600,00068,000380,000920,000720,00024,0008,488588,0008,00060,0007,200Good Hope CorporationWorksheetfor the month ended November 30, 2022120,000172,000CR6,00055,20060,000186,000600,000214,400800,0001,200,000160,000600,000524,8001,328,40030,00011,9405,776,740 5,776,740ADJUSTMENTSDR32,00094,40080,00060,00090048,00092,00013,80015,0003,000439,100CR3,00080,00048,00060,00013,80015,00090092,00094,40032,000439,100ADJUSTEDTRIAL BALANCEDRCR1,821,052300,00032,000520,00020,000300,000920,000720,00080,00024,0008,488588,0008,00060,0007,20060,0009009,00069,00075,000186,000600,00090092,000120,000800,0001,200,000160,000600,000524,8001,422,80032,00030,00011,940120,000172,00048,00092,00013,80015,0003.0005,933,440 5,933,440STATEMENT OFPROFIT OR LOSSDRCR24,0008,488588,0008,00060,0007,20060,000900120,000172,00048,00092,00013,80015,0003,0001,220,388276,3521,496,7401,422,80032,00030,00011,9401,496,740STATEMENT OFFINANCIAL POSITIONDRCR1,821,052300,00032,000520,00020,000300,000920,000720,00080,0004,713,0521,496,740 4,713,0529,00069,00075.000188,000600,00090092,000120,000800,0001,200,000160,000600,000524,8004,436,700276,3524,713,052

Statement of financial position presents all the assets, liabilities and stockholders' equity of a…

Answered: Good Hope Corporation Worksheet for the…

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 a report form Statement of Financial Position as of November 30, 2022

Cash
Accounts Receivable
Allowance for Doubtful Accounts
Commissions Receivable
Merchandise Inventory
ACCOUNT NAMES
Store Supplies
Prepaid Insurance Expense
Equipment
Accumulated Depreciation - Equipment
Furniture
Accumulated Depreciation - Furniture
Accounts Payable
Notes Payable
Interest Payable
Utilities Payable
Unearned Sales Revenue
10% Preference Share Capital, #100 par, 100,000 shares authorized
Ordinary Share Capital, #10 par, 500,000 shares authorized
Preference Share Premium
Ordinary Share Premium
Accumulated Profits
Income Summary
Sales
Sales Returns and Allowances
Sales Discounts
Commissions Income
Purchases
Freight-In
Purchase Returns and Allowances
Purchase Discounts
Cleaning Services Expense
Freight-Out
Insurance Expense
Interest Expense
Rent Expense
Salaries Expense
Store Supplies Expense
Utilities Expense
Depreciation Expense - Equipment
Depreciation Expense - Furniture
Doubtful Accounts Expense
Total
Income
UNADJUSTED
TRIAL BALANCE
DR
1,821,052
300,000
600,000
68,000
380,000
920,000
720,000
24,000
8,488
588,000
8,000
60,000
7,200
Good Hope Corporation
Worksheet
for the month ended November 30, 2022
120,000
172,000
CR
6,000
55,200
60,000
186,000
600,000
214,400
800,000
1,200,000
160,000
600,000
524,800
1,328,400
30,000
11,940
5,776,740 5,776,740
ADJUSTMENTS
DR
32,000
94,400
80,000
60,000
900
48,000
92,000
13,800
15,000
3,000
439,100
CR
3,000
80,000
48,000
60,000
13,800
15,000
900
92,000
94,400
32,000
439,100
ADJUSTED
TRIAL BALANCE
DR
CR
1,821,052
300,000
32,000
520,000
20,000
300,000
920,000
720,000
80,000
24,000
8,488
588,000
8,000
60,000
7,200
60,000
900
9,000
69,000
75,000
186,000
600,000
900
92,000
120,000
800,000
1,200,000
160,000
600,000
524,800
1,422,800
32,000
30,000
11,940
120,000
172,000
48,000
92,000
13,800
15,000
3.000
5,933,440 5,933,440
STATEMENT OF
PROFIT OR LOSS
DR
CR
24,000
8,488
588,000
8,000
60,000
7,200
60,000
900
120,000
172,000
48,000
92,000
13,800
15,000
3,000
1,220,388
276,352
1,496,740
1,422,800
32,000
30,000
11,940
1,496,740
STATEMENT OF
FINANCIAL POSITION
DR
CR
1,821,052
300,000
32,000
520,000
20,000
300,000
920,000
720,000
80,000
4,713,052
1,496,740 4,713,052
9,000
69,000
75.000
188,000
600,000
900
92,000
120,000
800,000
1,200,000
160,000
600,000
524,800
4,436,700
276,352
4,713,052

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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