Mar 18 5 Problem 1: 12 minutes, 7 marks The following are the financial statements of Peterson Corporation for its year ended December 31, 2019 and 2018. All of Peterson's revenue is earned on account (ie, no cash sales) Peterson Corporation Tunce Street At December 31 || 2019 2018 ASSETS Current Assets Cash $ 800||$1,000 Accounts Receivable 330 350 Prepaid Rent 120 110 Total Current Assets 1.250 1.460 Equipment 2,6001 2,000 Accumulated Depreciation (60011 (500) Total Assets $3.250||$2.960 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts Payable $ 75|S 40 Wages Payable 1001 60 Total Current Liabilities 1751 100 Note Payable 425 860 Total Liabilities 600 960 Shareholders' Equity fed Capital 1,000 1,000 no Problem 1: [12 minutes, 7 marks] The following are the financial statements of Peterson Corporation for its year ended December 31, 2019 and 2018. All of Peterson's revenue is earned on account (ie no cash sales). Peterson Corporation Ece Sheet At December 31 2019 2018 ASSETS Current Assets Cash Accounts Receivable Trid Rent TO Equil Accumulates Depos oual Assets LIABILITIES AND SHAREHOLDERS VOLTY Current Lihat Accounts Payable S71115 Wapes Payable 100 Total Current Liabilities 175 100 Note Payable 425 860 Total Liabilities 600 960 Shareholders' Equity Contributed Capital 1.000 1.000 Retained Earnings 1.650 1.000 Total Shareholders' Equity 2.650 2.000 Total abilities and SH Equity 3.250 $2.960 Peterson Corporation Income Statement For the demora Mar 18 5 Problem 1: 12 minutes, 7 marks The following are the financial statements of Peterson Corporation for its year ended December 31, 2019 and 2018. All of Peterson's revenue is earned on account (ie, no cash sales) Peterson Corporation Tunce Street At December 31 || 2019 2018 ASSETS Current Assets Cash $ 800||$1,000 Accounts Receivable 330 350 Prepaid Rent 120 110 Total Current Assets 1.250 1.460 Equipment 2,6001 2,000 Accumulated Depreciation (60011 (500) Total Assets $3.250||$2.960 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts Payable $ 75|S 40 Wages Payable 1001 60 Total Current Liabilities 1751 100 Note Payable 425 860 Total Liabilities 600 960 Shareholders' Equity fed Capital 1,000 1,000 no Problem 1: [12 minutes, 7 marks] The following are the financial statements of Peterson Corporation for its year ended December 31, 2019 and 2018. All of Peterson's revenue is earned on account (ie no cash sales). Peterson Corporation Ece Sheet At December 31 2019 2018 ASSETS Current Assets Cash Accounts Receivable Trid Rent TO Equil Accumulates Depos oual Assets LIABILITIES AND SHAREHOLDERS VOLTY Current Lihat Accounts Payable S71115 Wapes Payable 100 Total Current Liabilities 175 100 Note Payable 425 860 Total Liabilities 600 960 Shareholders' Equity Contributed Capital 1.000 1.000 Retained Earnings 1.650 1.000 Total Shareholders' Equity 2.650 2.000 Total abilities and SH Equity 3.250 $2.960 Peterson Corporation Income Statement For the demora