T-GAS Company post-closing trial balance on December 31, 2018 show

following account balances. PREPARE THE STATEMENT OF FINANCIAL POSITION.

ACCOUNTS	DR	CR
Cash	35,000
Accounts Receivable	103,000
Allowance for bad debts		25,000
Notes Receivable	16,500
Inventory	295,00
Prepaid Rent	50,000
Prepaid Insurance	15,000
Land	1,200,000
Building	1,900,000
Equipment	750,000
Accumulated Depreciation-Equipment		100,000
Accounts Payable		300,000
Notes Payable - Short Term Loan		200,000
Note Payable-Long Term Loan (85,000 due within 1 yr.)		1,290,000
Interest Payable		55,000
Salaries Payable		205,500
Utilities Payable		9,000
Unearned Income		45,000
Owners Capital		2,135,000
TOTALS	4,364,500	4,364,500

SOLUTION:

(1)
(2)
(3)
ASSETS
Cash and Cash Equivalents
Trade and other receivables
Inventory
Prepaid Assets
Total Current Assets