Question

A list of financial statement items for Hill Corporation includes the following: Account Amount Accounts Receivable Prepaid insurance Accum depreciation - equipment Equipment Amount Account $14,500Cash $ 3,900Accum depreciation - building $25,000Building $ 70,000Land $4,200 $ 33,000 $110,000 $ 65,000 Prepare the asset section only for the Statement of Financial position. You do NOT need to add the first three lines with the company's name, etc..

Answer 1

Solution:

Assets Section
Current assets:
Cash		$          4,200
Accounts Receivable		$        14,500
Prepaid Insurance		$          3,900
Total current assets		$        22,600
Property,plant, and equipment:
Land		$        65,000
Equipment	$           70,000
Less: Accumulated Depreciation-Equipment	$         (25,000)	$        45,000
Building	$         110,000
Less: Accumulated Depreciation-Building	$         (33,000)	$        77,000
Total Long-term assets		$     187,000
Total Assets		$     209,600