Roger has a building worth 25,000, land worth 125,000, a car worth 10,000. He has a mortgage
Question:
Roger has a building worth £25,000, land worth £125,000, a car worth £10,000. He has a mortgage on the building of £20,000 and a car loan of £12,000. He owes R. Graham £2,000 for supplies bought during the year. These have all been used up. He sold goods to G. Live for £1,000. G. Live has not yet paid him.
Required:
a. Use the accounting equation to determine Roger’s net worth (capital balance).
b. Prepare a statement of financial position in vertical format using the accounting equation information.
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Related Book For
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
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