V. The accounts listed below are taken from the adjusted records of Life Goes On Company as of December 31, 2020. Prepare a classified statement of financial position in (a) account form and (b) report form. Cash Accounts receivable Merchandise inventory Office supplies Prepaid rent Land Building Accumulated Depreciation- Building Delivery truck Accumulated Depreciation- Delivery Truck Store furniture and fixtures Accumulated Depreciation- SFF Office furniture and fixtures Accumulated Depreciation- OFF Accounts payable Notes payable (due 2022) Taxes payable Interest payable (payable on Jan. 30, 2021) Mortgage payable (due 2021) King, Capital P50,000 21,000 109,000 700 2,400 28,000 300,000 30,000 12,500 2,500 38,400 7,680 18,700 3,740 78,000 36,000 14,600 800 54,000 ?

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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V. The accounts listed below are taken from the adjusted records of Life Goes On Company as of December
31, 2020. Prepare a classified statement of financial position in (a) account form and (b) report form.
Cash
Accounts receivable
Merchandise inventory
Office supplies
Prepaid rent
Land
Building
Accumulated Depreciation- Building
Delivery truck
Accumulated Depreciation- Delivery Truck
Store furniture and fixtures
Accumulated Depreciation- SFF
Office furniture and fixtures
Accumulated Depreciation- OFF
Accounts payable
Notes payable (due 2022)
Taxes payable
Interest payable (payable on Jan. 30, 2021)
Mortgage payable (due 2021)
King, Capital
P50,000
21,000
109,000
700
2,400
28,000
300,000
30,000
12,500
2,500
38,400
7,680
18,700
3,740
78,000
36,000
14,600
800
54,000
?
Transcribed Image Text:V. The accounts listed below are taken from the adjusted records of Life Goes On Company as of December 31, 2020. Prepare a classified statement of financial position in (a) account form and (b) report form. Cash Accounts receivable Merchandise inventory Office supplies Prepaid rent Land Building Accumulated Depreciation- Building Delivery truck Accumulated Depreciation- Delivery Truck Store furniture and fixtures Accumulated Depreciation- SFF Office furniture and fixtures Accumulated Depreciation- OFF Accounts payable Notes payable (due 2022) Taxes payable Interest payable (payable on Jan. 30, 2021) Mortgage payable (due 2021) King, Capital P50,000 21,000 109,000 700 2,400 28,000 300,000 30,000 12,500 2,500 38,400 7,680 18,700 3,740 78,000 36,000 14,600 800 54,000 ?
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