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Posted on Aug 28, 2024

Use the following information for questions 54 and 55 The Wallis Corporation provides moving services to local clients. Wallis reported the following data for 2018:

Use the following information for questions 54 and 55 The Wallis Corporation provides moving services to local clients. Wallis reported the following data for 2018: WALLIS CORPORATION Statement of Financial Position As at December 31, 2018 Assets Cash Accounts receivable Prepaid insurance Total current assets Property, equipment and vehicles Accumulated depreciation Total non-current assets Total Assets 2018 $ 88,600 85,000 70,000 243,600 360,000 (110,400) 249,600 $493,200 2017 $ 49,100 59,400 60,000 168,500 305,000 (105,900) 199,100 $367,600 Liabilities and Shareholders' Equity Accounts payable Wages Payable Total current liabilities Bank loan payable Total liabilities Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities & Shareholders' Equity $ 21,500 3,000 24,500 50,000 74,500 200,000 218,700 418,700 $493,200 $ 18,600 4,000 22,600 60,000 82,600 200,000 85,000 285,000 $367,600 WALLIS CORPORATION WALLIS CORPORATION Statement of Financial Position As at December 31, 2018 2018 $ 88,600 85,000 70,000 243,600 360,000 (110,400) 249,600 $493,200 2017 $ 49,100 59,400 60,000 168,500 305,000 (105,900) 199,100 $367,600 Assets Cash Accounts receivable Prepaid insurance Total current assets Property, equipment and vehicles Accumulated depreciation Total non-current assets Total Assets Liabilities and Shareholders' Equity Accounts payable Wages Payable Total current liabilities Bank loan payable Total liabilities Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities & Shareholders' Equity $ 21,500 3,000 24,500 50,000 74,500 200,000 218,700 418,700 $493,200 $ 18,600 4,000 22,600 60,000 82,600 200,000 85,000 285,000 $367,600 WALLIS CORPORATION Use the following information for questions 54 and 55 The Wallis Corporation provides moving services to local clients. Wallis reported the following data for 2018: WALLIS CORPORATION Statement of Financial Position As at December 31, 2018 Assets Cash Accounts receivable Prepaid insurance Total current assets Property, equipment and vehicles Accumulated depreciation Total non-current assets Total Assets 2018 $ 88,600 85,000 70,000 243,600 360,000 (110,400) 249,600 $493,200 2017 $ 49,100 59,400 60,000 168,500 305,000 (105,900) 199,100 $367,600 Liabilities and Shareholders' Equity Accounts payable Wages Payable Total current liabilities Bank loan payable Total liabilities Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities & Shareholders' Equity $ 21,500 3,000 24,500 50,000 74,500 200,000 218,700 418,700 $493,200 $ 18,600 4,000 22,600 60,000 82,600 200,000 85,000 285,000 $367,600 WALLIS CORPORATION WALLIS CORPORATION Statement of Financial Position As at December 31, 2018 2018 $ 88,600 85,000 70,000 243,600 360,000 (110,400) 249,600 $493,200 2017 $ 49,100 59,400 60,000 168,500 305,000 (105,900) 199,100 $367,600 Assets Cash Accounts receivable Prepaid insurance Total current assets Property, equipment and vehicles Accumulated depreciation Total non-current assets Total Assets Liabilities and Shareholders' Equity Accounts payable Wages Payable Total current liabilities Bank loan payable Total liabilities Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities & Shareholders' Equity $ 21,500 3,000 24,500 50,000 74,500 200,000 218,700 418,700 $493,200 $ 18,600 4,000 22,600 60,000 82,600 200,000 85,000 285,000 $367,600 WALLIS CORPORATION