Financial items for George Karatsis IT Services on 31 May 2024 are presented below in alphabetical order.

Required

(a) Prepare a statement of financial position similar to the one in figure 2.2.

(b) Reformat the statement to present it in narrative form as in figure 2.3.

Transcribed Image Text:

Accounts payable Accounts receivable Building Cash at bank $ 64000 Land 70000 Mortgage payable 520000 Office equipment 61000 Office supplies $250 000 710000 180 000 34 000