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A list of financial statement items for Hill Corporation includes the following: Account Amount Accounts Receivable...


A list of financial statement items for Hill Corporation includes the following: Account Amount Accounts Receivable Prepaid i
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..
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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
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