Problems: Set A | Financial Acco X rch ooks/9781119877899/page/24/section/top-of-page F2 3 E D DII P1.10A (LO 4) (Prepare corrected statement of financial position; identify financial statements for ASPE.) GG Corporation, a private corporation, was formed on July 1, 2024. On July 31, Guy Glihas, the company's president, asked the accountant to prepare a statement of financial position at the end of the first month of operations. interrelationships among the statement of income, statement of changes in equity, and statement of financial position. W Cash Accounts receivable Inventory Boat F3 $ + 4 Guy admits that his knowledge of accounting is somewhat limited and is concerned that his statement of financial position might not be correct. He gives you the following additional information: R F O Assets 1. The boat actually belongs to Guy Glinas, not to GG Corporation. However, because Guy thinks he might take customers out on the boat occasionally, he told the accountant to list it as an asset of the company. To be consistent, the accountant also 4x F4 % 5 T GG Corporation Statement of Financial Position July 31, 2024 1.1.. $ 20,000 50,000 36,000 24,000 $130,000 F5 6 Y G H Liabilities and Shareholders' Equity Accounts payable Boat loan payable Common shares Retained earnings F6 & 7 U F7 PrtScn 8 F8 K Home ( 9 O $ 34,000 40,000 50,000 6,000 $130,000 F9 L End 0 F10 P PgUp 16 F11 {

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