Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 31 The following account balances are taken from the records of FUP Inc. as of December 31, 2020 Accounts payable 1.430,000 Accounts receivables 700,000

image text in transcribed
Question 31 The following account balances are taken from the records of FUP Inc. as of December 31, 2020 Accounts payable 1.430,000 Accounts receivables 700,000 Accumulated deprecation-building 1,140,000 Accumulated depreciation equipment 730,000 Allowance for doubtful accounts I 50,000 Buildings 4,750,000 Cash 250,000 Equipment 2,320,000 Fished goods (endig balance) 1,160,000 Land 500,000 Mortgage payable 3,240,000 Notes payable 360,000 Prepaid expense 20,000 Raw material (ending balance) 640,000 Retained er ending balance) 2,190,000 Salaries payable 10,000 Share capital, P25 par 200,000 shares authored, 180,000 stures issued 4,500,000 Share premium 270,000 Short-term investments 2,700,000 Work in process (ending balance) 880,000 Het: In a scratch paper prepare the statement of financial position and we it to answer 5 questions worth 2 points each related to this problem 1. What is the total current assets? Give your answer in this format x.xxx.xx. Blank 1 2. What is the total non-current assets? Give your answer in this format xxxx Blank 2 3.What is the total current liabilities? Give your answer in this format x.xxx.xxx. Blank 3 4.What is the total shareholders' equity? Give your answer in this format xxx. Blank 4 5. What is the total liabilities and shareholders' equity? Give your answer in this format xx xx. Blank 5

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Financial Accounting Information The Alternative to Debits and Credits

Authors: Gary A. Porter, Curtis L. Norton

7th Edition

978-0-538-4527, 0-538-45274-9, 978-1133161646

More Books

Students also viewed these Accounting questions