Question

EXERCISES Xarious points) 41. Corp XYZ reported the foll 1. Identify which of the following acc SFP or IS ported the following selected accounts and amounts as at Dec 31 accounts and the following accounts are statement of financial position (SFP) hich are income statement is accounts (15 maris) Amount $37,000 $42.000 $2,500 $15,000 Accounts Payable Accounts Receivable Advances to employees Bad debts expense Cash Interest Expense Interest Revenue Merchandise Inventory Notes Receivable (current) Notes Receivable (non-current) Prepaid Insurance Retained Earnings Sales Sales Discounts Supplies $58,000 $7,000 $1,500 $22.000 $5,000 $65,000 $8,000 $129.000 $128,000 $25,000 $17,500 2. Prepare the current asset section of the statement of financial (17 marks) Corp XYZ Statement of Financial Position (Current Assets) As at Dec 31, 20XX

Answer 1

Amount SFP or IS Accounts Payable $ 37,000 Statement of financial position Accounts Receivable $ 42,000 Statement of financial position Advance to Employees $ 2,500 Statement of financial position Bad debt Expense $ 15,000 Income statement Cash $ 58,000 Statement of financial position Interest Expense $ 7,000 Income statement Interest Revenue $ 1,500 Income statement Merchandise Inventory $ 22,000 Statement of financial position Notes Receivable (Current) | $ 5,000 Statement of financial position Notes Receivable ( NON Current) $ 65,000 Statement of financial position Prepaid Insurance $ 8,000 Statement of financial position Retained Earnings $129,000 Statement of financial position Sales $ 128,000 Income statement Sales Discount $ 25,000 Income statement Supplies $ 17,500 Statement of financial position Corp XYZ Statement of financial position (Current Assets) Particulars Amount Accounts Receivable 42,000 Advance to Employees 2.500 Cash 58,000 Merchandise Inventory 22,000 Notes Receivable (Current) 5,000 Prepaid Insurance 8,000 Supplies $ 17,500 155,000