Prepare the Statement of Financial Position of Sherwin's Delivery Services using the information of their first...

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Prepare the Statement of Financial Position of Sherwin's Delivery Services using the information of their first month of operation for the month of November 2019. The business had the following accounts: Cash Accounts Receivable Prepaid expense Land Building Accounts Payable Notes Payable Sherwin's, Capital Allowance for Doubtful Accounts Accumulated Depreciation Reported net income Guide Questions: P 90,000 70,000 30,000 160,000 200,000 170,000 30,000 300,000 5,000 20,000 55,000 1. What will be the proper heading to be used for the Statement of Financial Position? 2. Are the given transaction balances satisfy the equation Asset Liabilities + Owners Equity? If not, check the missing account and amount before proceeding in preparing a statement of financial position. 3. Compute for the total Assets and Liabilities and Owner's Equity. Prepare the Statement of Financial Position of Sherwin's Delivery Services using the information of their first month of operation for the month of November 2019. The business had the following accounts: Cash Accounts Receivable Prepaid expense Land Building Accounts Payable Notes Payable Sherwin's, Capital Allowance for Doubtful Accounts Accumulated Depreciation Reported net income Guide Questions: P 90,000 70,000 30,000 160,000 200,000 170,000 30,000 300,000 5,000 20,000 55,000 1. What will be the proper heading to be used for the Statement of Financial Position? 2. Are the given transaction balances satisfy the equation Asset Liabilities + Owners Equity? If not, check the missing account and amount before proceeding in preparing a statement of financial position. 3. Compute for the total Assets and Liabilities and Owner's Equity.

Answer rating: 100% (QA)

Sherwins Delivery Services Statement of Financial Position As of November 30 2019 A... View the full answer