Question


Massimo Company has been operating for one year (2019). You are a member of the management team investigating expansion ideas
2. Enter in the T-accounts the following transactions that occurred in 2020: a. Paid one-half of the principal on the long-te
CH1 & 2) i Saved Help Save Long-Term Notes Payable 1,500 Beg. bal. Contributed Capital 1,120 Beg. bal. 1,500 End, bal. 1,120
4. Using the ending balances in the l-accounts, prepare a classified statement of financial position at December 31, 2020, in
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A B С D E F G н. 1 J K L M N o P 1 1 + 2 3 Assets 9100 Liabilities 4900 Shareholders Equity 4200 = + 4 2 Cash 5 6 6 7 Short t

A B C D E F G H 20 3 = + 21 22 Assets 10930 Liabilities 7350 Shareholders Equity 3580 + 23 24 4 25 26 Assets Current Assets C

For calculation ref:

А B C D E F 1 + 2 1 Assets 3 =2200+3200+3700 Liabilities =3400+1500 Shareholders Equity =1120+3080 + 4 5 Beg- 8 End 5 2 Cash

F G H J K L M N O 1 2 Shareholders Equity 3 =1120+3080 4 5 6 Short term investments 1600 Property and Equipment 1=M6/2 Beg. B

А B с D E F G 20 Liabilities + 21 3 22 Assets =C10+H10+M10 Shareholders Equity =N15+D19 =D15+115 + 23 24 4 Statement of finan

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