14_Handout_1(11).pdf

BM2403 REVIEW OF THE COMPANY’S BALANCE SHEET ACCOUNTS Note: Refer to all your handouts in Intermediate Accounting 1 and all previous handouts of this course to review t...

BM2403 REVIEW OF THE COMPANY’S BALANCE SHEET ACCOUNTS Note: Refer to all your handouts in Intermediate Accounting 1 and all previous handouts of this course to review the concepts you have learned. Sweet Corn Company The following are the account balances of Sweet Corn for the month ended June 30, 2X18. Revenues P85,000 Expenses: Popcorn 22,800 Toppings and seasonings 17,300 Employees’ wages and benefits 10,700 Lease payments 24,000 Utilities 3,200 Advertising 900 Miscellaneous 300 Cash 6,200 Equipment 12,500 Accounts Payable 650 Wages Payable 1,200 Investment by Owner 12,500 Drawings by Owner 1,450 Required: Create a statement of financial position (balance sheet) as of June 30, 2X18. (Tip: Create first the income statement, then the statement of owner’s equity to make a correct balance sheet.) 14 Handout 1 *Property of STI  [email protected] Page 1 of 1